COVID-19 Impact and Recovery Analysis- Smart City Market 2020-2024 | Increase In IT Consolidation and Modernization to Boost Growth | Technavio
Technavio has been monitoring the smart city market and it is poised to grow by $ 2118.14 bn during 2020-2024, progressing at a CAGR of almost 23% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global smart city market 2020-2024 (Graphic: Business Wire)
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Request for Technavio's latest reports on directly and indirectly impacted markets. Market estimates include pre- and post-COVID-19 impact on the smart city market
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., HP Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle (News - Alert) Corp., and SAP SE are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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The increase in IT consolidation and modernization has been instrumental in driving the growth of the market. However, the high cost of upgrading smart grids might hamper the market growth.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. https://www.technavio.com/report/report/smart-cities-market-industry-analysis
Smart city market 2020-2024: Segmentation
Smart city market is segmented as below:
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR41110
Smart city market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our smart city market report covers the following areas:
This study identifies enhanced global broadband connectivity as one of the prime reasons driving the smart city market growth during the next few years.
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Smart city market 2020-2024: Key Highlights
Table of Contents:
Five Forces Analysis
Market Segmentation by Application
Drivers, Challenges, and Trends
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