The report titled Smart Cities Market which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031. The market is further anticipated to grow with a robust CAGR throughout the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Cities Market Products.
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In Canada, the ICT sector consists of around 41,500 companies. Out of these, over 37,000 companies fall under software and computer services industry, resulting in around 89.8% of key players in the ICT industry to be involved in software and computer services. On the other hand, in the year 2018, as per the statistics of the Canadian ICT Sector Profile, released by the Government of Canada, ICT wholesaling, communications services and ICT manufacturing contributes to 4.5%, 3.4% and 2.2% share respectively in the country.
Global Smart Cities Market
Smart cities represent the incorporation of information and communication technologies (ICT) to enhance the performance and quality of urban services such as transportation, energy and utilities, to reduce resource consumption, overall costs and wastage. Smart city solutions can be incorporated in diverse areas of urban living, be it major tourism hubs or small communities striving to become sustainable. The global smart cities market is anticipated to reach USD 2,276.03 Bn by 2023 and grow at a CAGR of 28.7% during the forecast period of 2018-2023.
Smart cities are developed and applied to a huge number of different domains and applications, integrated with technological advancements and their effective usage in providing services to people. The need for effective solutions for managing cities is leading to the growth of smart cities around the world. The market is classified into two primary segments.
Based on component: solutions and services
Based on application: smart industry automation, smart power supply system, smart security, smart education, smart living and building, smart medicare, smart transport, and smart water network and others
On the basis of regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa.
Key growth factors
The expansion of cities and rapid urbanization are the major drivers for the adoption of intelligent and smart solutions. Rising demand for smart city solutions is anticipated to be driven by factors such as growing urban population, need to efficiently manage limited natural resources, and increasing focus on environmental sustainability. Soaring adoption of novel technologies that complement management of cities of the future is a major catalyst of industry growth. Increasing installation of smart meters is one of the key factors contributing to the growth of the market. Smart meters can be integrated with an IHD or in-home display, to provide instant information on gas and electricity usage in a household. Rising popularity of smart industrial automation in a variety of manufacturing industries is expected to fuel the market.
Threats and key players
The nascent nature of many smart cities solutions and the need to verify ROI prior to wider execution of plans by budget-conscious cities create obstacles for the growth of this market. Cities delaying the development of cohesive smart cities’ visions and strategies, lack of multi-stakeholder buy-in to support smart cities initiatives and a shortage of adequate and compelling funding models and resources are some of the challenges faced by the market.
Some of the prominent competitors in smart cities market are CISCO Systems Inc., Hitachi Ltd., International Business Machines (IBM) Corporation, General Electric (GE) and Schneider Electric, among others
What’s covered in the report?
1. Overview of the global smart cities market.
2. Market drivers and challenges of the global smart cities market.
3. Market trends in the global smart cities market.
4. Historical, current and forecasted market size data for the segment based on component.
5. Historical, current and forecasted market size data for segment based on application.
6. Historical, current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East & Africa) market size data for global smart cities market.
7. Historical, current and forecasted market size data for region-wise segments.
8. Analysis of company profiles of major competitors operating in the market.
Why buy?
1. Understand the demand for smart cities to determine the viability of the market
2. Determine the developed and emerging markets adopting smart cities solutions
3. Identify the challenge areas and address them
4. Develop strategies based on the drivers, trends and highlights for each of the segments
5. Evaluate the value chain to determine the workflow and to get an idea of the current position where you are placed
6. Recognize the key competitors of this market and respond accordingly
7. Knowledge of the initiatives and growth strategies taken by the major companies and decide the direction of further growth
8. Define the competitive positioning by comparing the products and services compared with the key players in the market
Customizations available
With the given market data, Kenneth Research offers customizations according to specific needs. Write to us at sales@kennethresearch.com.
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The Market report answers the following questions:
What is the aim of the report?
- The Smart Cities Market report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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