Global Smart Cities Market and Global Smart City Platform Market 2020-2024 Industry Size, Share, Growth Analysis, Future Development Strategies, Investment Plans, Revenue and Key Companies Outlook
Dallas, Texas, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Global Smart Cities Market:
The Global Smart Cities Market was valued at 528.16 billion in 2018 and is expected to reach a value of USD 1,447.87 billion by 2024 at a CAGR of 18.30% over the forecast period 2019 - 2024. The increase in adoption of green technology will drive the market in the forecast period.
The optimization of the efficiency of city services, connected citizens and operations is called as the smart city. To monitor what is happening in the city and how the city is evolving, smart city technology allows city officials to interact directly with both city infrastructure and communities. To managing everything from traffic flows and parking to water and air quality and monitor infrastructures, the technologically advanced cities are using the Internet of Things (IoT) platforms city.
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With the world moving towards urbanization it is expected that in the near future, there will be an increase in the number of smart city initiatives and projects. The countries across the globe are feeling a need to invest in smart city projects due to the need to manage infrastructure and assets with growing urbanization. The opportunities within cities including adaptive energy systems, autonomous vehicles and even smart healthcare are being unlocked by the leveraging Artificial Intelligence (AI) through the Internet of Things (IoT). One of the primary factors restraining the growth of the smart cities market is security concerns over the deployment of smart devices in cities. Smart city systems are defenseless to penetrating as they are also dependent on networks for data communication.
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Global Smart Cities Market By Solution:
Smart technology initiatives is the need of urbanization. The increasing demands for these technologies is the main factor driving the market growth. The rapid urbanization taking place primarily in developing coutries causing the development in economy and the growth of cities. For companies operating in different sectors, a variety of opportunities would be posed by the explosive population growth and dynamic shift in urban mass, coupled with the economic growth of megacities in the emerging economies. The big cities from the developing countries are expected to be the largest market for premium technologies, services and products.
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Some Points from Table of Content:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
Global Smart City Platform Market:
The Global Smart City Platform Market is expected to register a CAGR of 18% in the forecast period. A smart city is a system of systems. These systems can include various facilities like building automation systems, smart transportation systems, smart lighting systems, security and control systems, intelligent grids, renewable power, water treatment, and supply, etc.
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A smart city platform provides integrated capability by deploying the advanced technologies to transform urban infrastructure. It helps multiple stakeholders in applications, services and to coordinate the data across operational domains. Technical advancement such as Artificial intelligence, IOT platform environment and sensor data crowdsourcing involve in the smart city strategy. Smart City platforms are developed widely in energy and transformation sectors. Population is increasing worldwide, mostly in urban area at much fast rate. This leads in opening opportunities for people in smart city environment. One of the major factor contributing the growth of the market is high priority to convert the cities into smart cities by government in the future. This way governments initiatives as well as spending are giving important to platform providers because integration and scalability of smart solutions. However, the spending involved in smart city platform deployment and the inefficient utilization of resources is projected to hamper the adoption rate.
Smart City Platform Market By Application:
Smart City Platform Market By Platform type:
Smart City Platform Market By Deployment:
North America Expected to Dominate the Market:
- North America holds the highest market share in the smart city platforms market, owing to the increasing adoption rate of smart and intelligent technologies in the region. North America is one of the leading regions in terms of the development of smart city platforms.
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