Smart Cities Market Globally Expected To Drive Growth Through 2023 to 2030

PRESS RELEASE
Published January 30, 2023

Smart Cities Market Size, Share & Trends Analysis – Global Opportunity Analysis and Industry Forecast 2023-2030, Covid-19 Outbreak Impact research report added by Quadintel, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Smart Cities Market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Smart Cities Market size forecast, market data & Graphs and Statistics, Tables, Bar & Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region

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Market Overview

Important data on the current and anticipated revenues of key international industry participants, as well as the goods they provide as part of the Smart Cities Market landscape, will also be included in our in-depth analysis. The report provides an easy-to-understand breakdown of competitive frameworks like Porter’s Five Forces analysis, SWOT analysis, and PESTLE analysis to provide a deeper understanding of the numerous aspects that support the research findings.

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 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.

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.

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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

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List of Factors Covered in the Report are:

Major Strategic Developments: The report abides by quality and quantity. It covers the major strategic market developments, including R&D, M&A, agreements, new products launch, collaborations, partnerships, joint ventures, and geographical expansion, accompanied by a list of the prominent industry players thriving in the market on a national and international level.

The Study Explore COVID 19 Outbreak Impact Analysis

  • What should be entry strategies, countermeasures to economic impact, and marketing channels?
  • What are market dynamics?
  • What are challenges and opportunities?
  • What is economic impact on market?
  • What is current market status? What’s market competition in this industry, both company, and country wise? What’s market analysis by taking applications and types in consideration?

Why to purchase this report

  1. The report would provide an in-depth analysis on the current and future market trends
  2. Analysis on global, regional and country level markets
  3. Key strategic initiatives taken by major players operating in the market along with ranking analysis for the key players
  4. Analysis based on historical information along with the current trends to estimate the future of the market
  5. Analysis of the impact of constantly changing global market scenarios

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