Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The "Smart Cities - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Cities Market to Reach $2.8 Trillion by 2027
Amid the COVID-19 crisis, the global market for Smart Cities estimated at US$680.7 Billion in the year 2020, is projected to reach a revised size of US$2.8 Trillion by 2027, growing at a CAGR of 22.1% over the period 2020-2027. Hardware, one of the segments analyzed in the report, is projected to record a 19.6% CAGR and reach US$1.3 Trillion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Software segment is readjusted to a revised 23.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $206.5 Billion, While China is Forecast to Grow at 25.6% CAGR
The Smart Cities market in the U.S. is estimated at US$206.5 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$402.5 Billion by the year 2027 trailing a CAGR of 25.6% over the period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 17.5% and 20.5% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 24.5% CAGR.
Select Competitors (Total 187 Featured)
- ABB Ltd.
- Accenture Plc
- AppyWay
- AVEVA Group plc.
- Cisco Systems, Inc.
- Engie
- General Electric
- Hitachi, Ltd.
- Honeywell International, Inc.
- Huawei Technologies Co., Ltd
- IBM Corporation
- Intel Corporation
- Itron, Inc.
- Johnson Controls International plc
- Kapsch TrafficCom AG
- Libelium Comunicaciones Distribuidas S.L
- Microsoft Corporation
- Nokia Corporation
- Oracle Corporation
- Osram Gmbh
- Panasonic Corporation of North America
- SAP SE
- Schneider Electric SA
- Siemens AG
- Signify Netherlands B.V.
- Tata Consultancy Services - Telefonaktiebolaget LM Ericsson
- Telensa Limited
- Thales Group
- TomTom N.V.
- Urbiotica
- Verizon Communications, Inc.
- Vodafone Group plc
- Worldsensing SL
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Advanced Technologies Create Perfect Ground for Transformation of Smart Cities
- Transformational Role of 5G Technology and Wi-Fi 6/6E in Development of Smart Cities
- 5G Brings in Higher Scalability
- Digital Twins to Provide Meaningful Insights in Smart City Projects
- Cyber-Physical Systems & Robotic Process Automatization to Hold Broader Uptake
- Blockchain Technology to Gain Prominence in Resource Sharing and Smart Logistics
- Investment in Smart City Technology Startups a Prudent Decision amid Pandemic
- Focus on Building Crisis Resilient Smart Cities to Drive Demand for Better Internet Infrastructure
- Growing Environmental Footprint of Cities Shifts Focus Onto Smart Cities
- Funding Support: Vital for Smart Cities Initiatives
- Shift Towards Open Governance Model Fuels Interest in Smart Cities
- V2X Communication Seeks Role in Smart City Infrastructure
- C-V2X: The Upcoming Future-Ready V2X Standard
- IoT Lies at the Heart of the Connected Self-Aware Environment Epitomized by Smart Cities
- IoT Implementations in Smart Homes & Buildings
- Rising Significance of Smart City as a Service
- Unified Smart City Platforms Allow Big Data to Become a Reality
- Transformative Role of AI Technologies in Smart Cities Optimizes Urban Services
- Combining IoT and AI Unlocks Opportunities
- Big Data Drives Smart Cities Movement and Data Analytics Enhances Smart City Services
- Intriguing Benefits of Edge Computing Encompasses all Aspects of Smart Cities
- E-Government: Imperative for Transforming Cities into Smart Cities
- Provision of Smart Municipal & Utility Services Gains Momentum
- Smart Grids Vital for Smart Energy Distribution
- Focus on Smart Energy Management Opens Up Opportunities for Smart Meters
- Adoption of Smart Water Meters Spirals in Cities Worldwide
- Laying Strong Foundation for the Digital Transformation of Gas Infrastructure, Smart Gas Solutions Seek to Revolutionize Gas Utility Operations
- IoT-based Smart Metering to Create Smarter and Connected Cities
- Demand Responsive Energy Management: Indispensable for a Low Carbon Smart City Footprint
- Security in Smart Cities Receives Undivided Focus
- Video Surveillance Plays an Important Role in Public Safety in Smart Cities
- Advanced Analytics for Surveillance Systems
- Smart Buildings & Homes Receive Fair Share of Development Focus
- Intelligent Buildings Vital for Constructing a Smart City
- Focus on Net Zero Energy Buildings (NZEB) Awakens Interest in Smart Building Technologies
- With Connectivity Being the Most Critical Element of Smart Buildings, In-Building Wireless (IBW) Emerges Into the Spotlight
- Consumer Spending on Smart Home Technologies Gathers Steam
- Smart Building Analytics Rises in Prominence
- Smart & Connected Lighting Systems Make Cities Smarter, Safer & Help Governments Turn Infrastructure Liabilities into Assets
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/16z1bc
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