Smart Cities Market Competition to Heat up With Innovative Technologies Going Mainstream Globally
The global Smart cities market accounted for US$ 773.19 Bn in 2016 and is expected to grow during the forecast period 2017 – 2025, to account for US$ 3651.49 Bn in 2025. The key trend which will predominantly effect the market in the coming year is smart cities market consolidation due to growing competition. Furthermore, the market is anticipated to witness significant growth in market owing to the increasing urbanization.
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The List of Companies
1. ABB Ltd.
5. Schneider Electric
8. IBM Corporation
Smart Cities market by industry vertical is segmented into smart healthcare, smart infrastructure, smart energy, smart governance and smart education. The smart cities are structures of services and these services are intangible offerings that enables the residents of a city to interact within the city systems or with other people. The services delivered by smart cities are designed in a way that they are easy to access, efficient, responsive, sustainable from environment’s perspective and openly available. There are a wide range of services covered by the smart city concept. A smart city comprises smart mobility that further includes smart transportation, intelligent road networks, public transport, connected cars, smart parking, etc. Further, the smart city services comprises of smart healthcare, smart buildings, smart energy, smart education and smart governance.
The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Smart City industry.
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Name: Sameer Joshi
Organization: Premium Market Insights
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