Smart Cities Market Size 2021-2026: Global Industry Trends, Share, Growth, Opportunity and Forecast
October 13, 2021
Looking forward, the global smart cities market is expected to grow at a CAGR of around 20% during the forecast period (2021-2026).SHERIDAN, WYOMING, UNITED STATES, October 12, 2021 /EINPresswire.com/ -- According to IMARC Group’s latest report, titled “Smart Cities Market Size: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global smart cities market exhibited strong growth during 2015-2020. A smart city is an infrastructural solution that utilizes software, user interfaces, communication networks and the Internet of Things (IoT)-enabled sensors to optimize operations and promote sustainable development in urban areas. It involves the use of various mobile and web applications, along with sensors, chips and actuators for management and administration of the public and utilities through digital devices. Smart cities also utilize various advanced technologies, such as cloud computing, artificial intelligence (AI) and machine learning (ML). These technologies are integrated with smart grids, smart meters and smart waste management systems for automation across medical, education, transportation and energy industries.
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The global smart cities market is primarily being driven by hyper-urbanization, along with the increasing adoption of advanced solutions for economic, social and environmental development. The construction of smart cities and the utilization of advanced integrated technologies also aid in the remote monitoring and management of patients suffering from the coronavirus disease (COVID-19) and ensuring the availability of optimal healthcare facilities. Other factors, including the implementation of favorable government initiatives across developed and emerging economies for establishing smart cities, along with significant improvements in the energy infrastructure, are anticipated to drive the market toward growth. Looking forward, the global smart cities market is expected to grow at a CAGR of around 20% during the forecast period (2021-2026).
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
ABB Group (NYSE: ABB)
Cisco Systems Inc.
International Business Machines (IBM) Corporation
Huawei Technologies Co. Ltd.
General Electric (GE) Company
Telefonaktiebolaget L M Ericsson
Honeywell International Inc.
Breakup by Smart Citizen Services:
Smart Public Safety
Smart Street Lighting
Breakup by Focus Area:
Smart Citizen Services
Breakup by Smart Transportation:
Traffic Management System
Passenger Information Management System
Freight Information System
Breakup by Smart Buildings:
Building Energy Optimization
Emergency Management System
Parking Management System
Breakup by Smart Utilities:
Advanced Metering Infrastructure
Distribution Management System
Middle East and Africa
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Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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