According to the global smart cities market report, the worldwide market is set to witness growth at an attractive Compound Annual Growth Rate (CAGR) during the forecast period. The report highlights that impressive government initiatives around the world are a significant growth driver for this market.
The global smart cities market report offers in-depth analysis of the key trends, major drivers and restraints, market share, key players and geographic regions.
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According to the global smart cities market report, the worldwide market is set to witness growth at an attractive Compound Annual Growth Rate (CAGR) during the forecast period. The report highlights that impressive government initiatives around the world are a significant growth driver for this market. Strong demand for energy during peak hours and the rise in energy consumption are also some of the key driving factors highlighted in the report. Technological advancements, hyper-urbanization, reduced operational costs are also some of the major driving factors suggested in this report. However, low public awareness, high initial investments, and high maintenance costs are some of the major restraining factors for this market on the global scale.
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The smart cities market segments the global market by the types of applications, services, and the major geographic regions. The major geographic segments in the market include utilities, buildings, smart citizen and transportation. The service segment is further segmented into consulting, management and planning, infrastructure monitoring and integration. The major geographic regions covered in this report include North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. As per the global smart cities market share analysis, Europe, and Asia-Pacific regions are expected to dominate this market. Emerging markets, on the other hand, are expected to witness rising demand and growth opportunities for this market.
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The key players in the smart cities market include ABB Ltd., AGT International, Alcatel-Lucent SA, Alstom SA, General Electric, Honeywell International, Inc., Itron, Inc., Kapsch Group Beteiligungs GmbH, Maven Systems Pvt. Ltd., SAP SE, Silver Springs Networks, Inc., and such others.
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