DUBLIN--(BUSINESS WIRE)--The "Global Smart City Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global smart city market is anticipated to grow at a CAGR of around 18.1% during the forecast period.
Companies Mentioned
- AT&T Inc.
- Cisco Systems, Inc.
- Engie SA
- Telefonaktiebolaget LMEricsson
- Ferrovial, S.A.
- FIWARE
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- IBM Corp.
- Microsoft Corp.
- Oracle Corp.
- SAP SE
- Schneider Electric SE
- Siemens AG
- Tata Consultancy Services Limited.
- TELEFONICA S.A.
- thyssenkrupp AG
- Toshiba Corp.
- Wipro Ltd.
A smart city is an urban area that utilizes different types of data for managing assets and resources effectively. Data is gathered from devices, citizens, and assets, the data is then analyzed for monitoring and managing traffic, transportation system, waste management, water supply network, and other related services.
Smart cities are developed using the latest technologies such as data analytics, IoT, wireless sensor networks, and cloud computing. Government initiatives and innovations & technologies are key motivators of the market. Energy conservation and waste management solutions are other factors that are attracting investors and consumers to the market.
Furthermore, changing the standard of living in emerging economies such as India and Japan, growing IT infrastructure, and investments are further expected to boost the global smart city market. For instance, as per the Consumer Technology Association, the worldwide spending on smart city developments is expected to reach USD 34.35 billion, by 2020.
However, certain factors are hampering the growth of the market. High cost of implementation and maintenance, lack of awareness among masses, and reluctance to adopt are estimated to be the major constraint in the growth of the market. Besides these petty constraints, the smart city market is yet to explore its full potential. The emerging Asia-Pacific region and smart city initiatives in Europe and the US are developing numerous expansion opportunities for the growth of the market.
COVID-19 Impact on Global Smart City Market
During the COVID-19 pandemic, various governments across the globe have been deploying smart city technologies to keep a record of the patients affected by the COVID-19 pandemic, also to keep track of the spreading and number of people dying.
To fulfill the medical requirements, and to supply vaccines and related doses, advanced smart city platforms incorporated with technologies such as heat maps, GPS systems, and aerial surveillance has been used. Moreover, smart city projects play a significant role in the COVID-19 prevention and control process. In COVID-19 pandemic prevention and control practice, related technologies and projects, samples, represented by "smart cities" have been applied to the pandemic prevention and spreading.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart city market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on key players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Smart City Market, By Component
5.1.1. Hardware
5.1.2. Software
5.1.3. Others
5.2. Global Smart City Market, By Application
5.2.1. Building And Infrastructure
5.2.2. Transportation System and Services
5.2.3. Safety and Security
5.2.4. Communication
5.2.5. Energy Management
5.2.6. Waste Management
5.2.7. Healthcare System and Services
5.2.8. Water Management
5.2.9. Others
6. Regional Analysis
7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/gd5gzq
