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Smart Cities: Growing New IT MarketsNEW YORK, July 20, 2017 /PRNewswire/ -- • The global smart cities market for information and communications technologies reached $342.4 billion in 2016 and should reach $774.8 billion in 2021, with a compound annual growth rate (CAGR) of 17.7% from 2016 to 2021. Scope of Report This report covers the global market for smart city technologies and regional analysis of North America, Latin America, Europe, Asia-Pacific and the Rest of World. Component segments include communications, hardware, sensors and software as well as in-depth market size and forecast for key end-user segments including energy management, water management, transportation management, assisted living, e-government and waste management. Information Sources Primary information sources include manufacturers and suppliers of smart city technologies and associated products around the world, suppliers for the manufacture of these products, major users of these products, research organizations, governmental agencies, trade associations and various equipment suppliers. Additional secondary research sources are databases, trade literature, specialized journals and government statistics. Methodology Both primary and secondary research methodologies were used in preparing this report. Initially, a comprehensive and exhaustive search of the literature on smart cities was conducted. These sources include relevant journals and related books, trade literature, marketing literature, other product/promotional literature, annual reports, analyst reports and other publications. Subsequently, telephone interviews and email correspondence was conducted with marketing executives, product sales engineers, international sales managers, application engineers and other personnel of connected medical device companies. Other sources included academics, related suppliers, technical experts and consulting companies. Geographic Breakdown In this report, the geographic regions considered for market analysis include: • North America • Latin America • Europe • Asia-Pacific • Rest of World Summary and Highlights The global smart cities market for information and communications technologies has continued to expand at a rapid pace since the 2015 report issued by BCC Research. Total market value increased to an estimated $342.4 billion in 2016 from around $320 billion in 2015. BCC Research estimates that the market will reach $774.8 billion in 2021 at a compound annual growth rate (CAGR) of 17.7%. This will exceed the $668.5 billion estimated for 2019 in the previous report, with a similar growth rate. In short, the market has continued to gain momentum in the last few years as demand for more effective citywide management methods becomes more popular. Regionally, North America will continue to dominate the global market for smart city technologies, although its 43% market share is estimated to drop by one percentage point in 2021. Technology ubiquity, advanced investment and organizational models in cities led by New York, Los Angeles and Chicago in the U.S. and Toronto, Vancouver and Calgary in Canada will continue to drive investment. There were more than a dozen smart city projects in the region as of June, 2017. Further, BCC Research estimates that investment rate in the region will increase from $118.5 billion in 2016 to $244.5 billion in 2021 at a CAGR of 15.6%. Competing next for scale are the markets of Europe and Asia-Pacific, where regional and local governments are driving smart city technology adoption. Early investments in Asia-Pacific will boost market value in the short term, at $91.7 billion in 2016, helped by the aggressive growth investments by major countries. However, Asia-Pacific's CAGR of 14.7% will be surpassed by Europe in the latter years of the forecast period as the economic climate improves in the E.U. and major initiatives, such as energy management, will drive a 24.3% CAGR in the region. Read the full report: http://www.reportlinker.com/p05002450/Smart-Cities-Growing-New-IT-Markets.html About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. http://www.reportlinker.com __________________________ Contact Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001 View original content:http://www.prnewswire.com/news-releases/smart-cities-growing-new-it-markets-300491876.html SOURCE Reportlinker |