Smart Cities Market - Allied Market Research

The growth in the need for public safety and security fuels the growth of the smart cities market.

PORTLAND, PORTLAND, OR, UNITED STATES, June 8, 2023/EINPresswire.com/ -- According to the report, the global smart cities market was pegged at $517.62 billion and is expected to reach $2.402 Trillion by 2025, registering a CAGR of 21.28% during the period from 2018 to 2025.

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The global smart cities market is segmented on the basis of functional area and geography. Based on the functional area, the market is segmented into smart infrastructure, smart governance & smart education, smart energy, smart mobility, smart healthcare, smart building, and others. The smart infrastructure segment held the largest share of the market in 2017, contributing about 21% of the total market. However, the smart energy segment is projected to manifest the fastest CAGR of 24.7% during the forecast period.

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Covid-19 Impact Analysis:

Owing to the COVID-19 outbreak, numerous governments and local authorities have implemented stringent lockdowns, movement restrictions, and closure of local brick & mortar shops in order to prevent the spread of the COVID-19 virus, which resulted in limited workforce availability, impacting the government's and other stakeholders' ability to fulfill the demands of intelligent city’ planning and initiatives. Moreover, the COVID-19 pandemic had a severe impact on the manufacturing and healthcare sectors all around the world. However, in order to tackle the problems posed by the pandemic, many businesses have attempted to integrate emerging technologies such as AI and IoT. The adoption of e-health and e-government services, as well as trends such as online education & remote working and the adoption of modern technology in the everyday lifestyle of an average citizen, are anticipated to aid in the adoption of digital cities in the coming years.

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The report focuses on growth prospects, restraints, and analysis of the global smart cities market trend. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global smart cities market share.

On the basis of geography, the market is divided into Europe, North America, Asia-Pacific, and Latin America, Middle East and Africa (LAMEA). The North America region dominated the market in terms of revenue in 2017, contributing about two-fifths of the total market. However, the Asia-Pacific region is estimated to portray the fastest CAGR of 24.3% during the forecast period.

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The report includes an analysis of the major market players such as AT&T Inc., Ericsson, Hitachi Ltd., IBM Corporation, Microsoft Corporation, Cisco Systems Inc., General Electric, Huawei Technologies Co., Ltd., Intel Corporation, and Schneider Electric SE.

Key Benefits For Stakeholders:

• The study provides an in-depth analysis of the global smart cities market forecast along with current & future trends to explain the imminent investment pockets.

• Information about key drivers, restraints, & opportunities and their impact analysis on global smart cities market trend is provided in the report.

• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

• The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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