Report Ocean recently released its latest research report on the Smart Cities market. The report emphasizes the importance of considering various factors to gain a comprehensive understanding of the market, such as demographics, business cycles, and specific microeconomic requirements. It also provides a detailed analysis of the current business state, highlighting innovative strategies for company growth, key financial factors like production value, significant regions, and the growth rate.
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Leveraging the benefit of public-private partnerships (PPPs) as a collaborative growth solution for smart cities is also one of the key trends the global market is witnessing. As per newly growing smart cities in the Asia-Pacific region, usage of technology is dramatically improving the living standard of citizens and reducing the overall cost of living. Also, improvement in operational efficiency, environmental sustainability, eco-friendly infrastructure, smart technology such as the Internet of Things (IoT) is also taking place. However, better design and operate the future smart cities, governments are focusing on healthy PPP models.
According to a new market report published by Report Ocean, the global Smart Cities market was valued at US$ 824,774.8 Mn in 2017 and is expected to expand at a CAGR of 21.5% from 2018 to 2024, reaching US$ 3,180,358.5 Mn by the end of the forecast period. Greater involvement of the corporates and growing public-private partnerships are some of the major trends observed in this market. From past decade, electric vehicle (EV) concept has gained popularity for smart and sustainable development of urban as well as non-urban grounds due to a number of reasons, which is further firming the growth of this market.
Europe contributed the largest revenue to the global smart cities market
Globally, accounting for nearly 50% of the Smart Cities market total revenues in 2017, and is expected to remain the largest market during the forecast period as well. The market in APAC is anticipated to witness the fastest growth in the coming years as the region sees rising demand for smart cities solutions due to change in consumer preferences and rising technology development. Potential growth is also expected from the market in Latin America during the forecast period
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IoT as a Key Smart City Enabler is driving the global Smart Cities market
Globally, communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which residents live, work and play, and the IoT is playing a growing role in driving safer and smarter cities from just a vision into reality.
As per the findings of the research, sales of hardware components have been the largest revenue generators in the global smart cities market, as compared to other software. Further, among various types of applications, smart governance was the largest revenue contributor in 2017. Also among smart utilities category, smart energy applications are expected to continue contributing the largest revenue, during the forecast period.
Smart Cities Market: Scope of the Report
The global Smart Cities market is segmented on the basis of Component, and Application. On the basis of Component, the market is segmented into Hardware and Software. Hardware was the largest segment in the global craft beer market in 2017 and is estimated to witness the highest growth during 2018-2024. On the application basis, the market is segmented into Smart Governance, Smart Infrastructure, Smart Education, Smart Healthcare, Smart Security & Threats, Smart Utility, Smart Building, Smart Transportation, and Others. Smart Governance accounted for the largest segment in the global Smart Cities market in 2017.
On the basis of region, the market is segmented into five parts namely North America, Europe, Asia Pacific, Middle-East & Africa, and Latin America. Europe was the largest region in the global Smart Cities market in 2017 and it is estimated to grow over a CAGR of 19.9% during 2018-2024.
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Smart Cities Market: Competitive Dynamics
The research states that the global smart cities market is highly competitive, with players developing new smart cities applications and offering them through quick go-to-market strategy for higher market penetration. Some of the major companies operating in this industry include IBM Corporation, The ADT Corporation, Cisco Systems Inc., Oracle Corporation, AT&T Inc., SAP SE, Intel Corporation, General Electric, Schneider Electric SE, and Xerox Corporation. In the recent past, partnerships have been the major recent activities in the smart cities industry.
For instance, in February 2018, Cisco and AT&T have announced a partnership for smart cities, with the networking giant to integrate its Cisco Kinetic for cities platform into various AT&T smart cities solutions, including the smart cities operations center (SCOC). The small players prevailing in this industry are focusing especially on technological improvements, and integrated and joint innovation practices to build an entirely new ecosystem for new upcoming smart cities. This would further strengthen small and medium players’ position and market presence, globally.
Market Segmentation: Global Smart Cities market
By Component
, Hardware
, Software
By Application
, Smart Governance
, Smart Infrastructure
, Smart Education
, Smart Healthcare
, Smart Security & Threats
, Smart Utility
, Smart Building
, Smart Transportation
, Others
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In addition, the report provides analysis of the baby Smart Cities diapers market with respect to the following geographic segments:
, North America
o The U.S.
o Canada
, Europe
o Germany
o U.K.
o Italy
o France
o Russia
o Rest of Europe
, Asia Pacific (APAC)
o China
o India
o Japan
o Australia
o Singapore
o Rest of Asia Pacific
, LATAM
o Brazil
o Mexico
o Rest of Latin America
, MEA
o Saudi Africa
o UAE
o Saudi Arabia
o Rest of Middle-East
Highlight the Following Key Factors:
► Business Description: a particular description of agency operations and enterprise departments.
► Company Strategy: The analyst’s precis of the company’s commercial enterprise strategy.
► SWOT Analysis: Detailed evaluation of the company’s strengths, weaknesses, opportunities, and threats.
► Company History: The development of predominant occasions associated to the company.
► Main merchandise and services: A listing of the company’s fundamental products, services, and brands.
► Main Competitors: A listing of the company’s fundamental competitors.
► Important places and subsidiaries: The company’s major places and subsidiaries’ listing and contact information.
► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.
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