A Newly Published Study Shares Insights on How to Prepare for a New Normal in the Global Smart Cities Market
The global market for Smart Cities is projected to reach US$1. 8 trillion by 2025, driven by the growing world population, unscrupulous exploitation of natural resources, and the ensuing search for sustainable ways to accommodate the 7+ billion people on the planet.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Smart Cities market. Report segmentation includes Application (Smart Governance & Education, Smart Buildings & Infrastructure, Smart Energy, Smart Healthcare, Smart Security, Other Applications)
7 June 5:38 A.M., California/Marketwire/ - According to the new market research report, the global market for Smart Cities is projected to reach US$1. 8 trillion by 2025, driven by the growing world population, unscrupulous exploitation of natural resources, and the ensuing search for sustainable ways to accommodate the 7+ billion people on the planet. Unchecked urban sprawl is driving modern cities to their limits. Public infrastructure and resources ranging from food, energy, water, security, digital communication to transportation are being stretched to the breaking point. Inequitable distribution of resources is resulting in high cost of living, rising levels of pollution, cultural clashes, increased crime rates, and shortages in housing accommodations, among others. Restrictions on personal freedom is another key fallout of population explosion i. e. limits on water consumption, limits on driving, and limits on travel. Impact on the ecosystem includes species extinction, habitat destruction, and habitat fragmentation. As countries, governments, and communities scramble to support this increase in population, coming to fore is the concept of "Smart Cities" enabled by intelligent information and communication technologies (ICT) technologies.
Cities are becoming smart not just through the automation of day-to-day functions but also through the manner in which these functions can be monitored and analyzed for optimizing resource utilization, reducing costs, enhancing operational efficiency and improving quality of life. Other major trends in the market include growing integration of artificial intelligence (AI) in smart cities to provide actionable insights for policy makers to improve operational efficiencies, reduce resource consumption, monitor security risks and contain costs; undivided focus on demand response for its ability to enable closer consumer engagement in competitive city energy markets; and surging penetration of smart water meters and smart gas solutions against the backdrop of the expanding reach of smart utility services. Asia-Pacific ranks including China is a major market, driven by the growing pressure to improve quality of life in emerging markets; increased focus on "Smart Cities" in political agendas for the technology's ability to provide fair human outcomes, and efforts of local governments to achieve international recognition for smart digitalization and sustainable economic development.
Key Competitors Covered in the Report
Cisco Systems, Inc.
Honeywell International, Inc.
Huawei Technologies Co. Ltd.
Johnson Controls International plc
Libelium Comunicaciones Distribuidas S.L
Schneider Electric SA
Spatial Labs, Inc.
Verizon Communications, Inc.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, UK, Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 79412. Among this pool, 6353 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 1588 unique participations, a total of 716 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
Director, Corporate Communications
Global Industry Analysts, Inc.