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Smart Cities Market Revenue, Share, Competitor Analysis, Demand and Opportunities by 2023

Image result for smart citiesThe global smart cities market is growing at a CAGR above 20% during 2018 - 2023 and will reach $2578.0 billion by 2023. Due to significant growth in automation technologies such as internet of things (IoT) and adoption of cloud based technologies, the global smart cities market is gaining huge traction. In addition, effective city asset management for public welfare, substantial operational cost savings, and automated public data generation applications contribute to the growth of global smart cities market.

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Hardware component generated larger revenue as compared to the software component, in the global smart cities market. Further, among applications, smart governance segment leads the global smart cities market. However, the market is expected to witness highest growth for smart building, during the forecast period. Traffic management category contributed largest revenue for smart transportation, however, the market is expected to grow fastest for transport data management, during the forecast period.

One of the key factors driving the demand for hardware component is the growing adoption of IoT enabled devices globally. Most of the IoT applications gather critical information pertaining to the physical world either through sensors or actuators to manipulate the physical world around it. With the emerging growth in the global smart cities market, the adoption of sophisticated hardware components is expected to increase.

Geographically, Europe has been the largest smart cities market, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth of the market in Asia-Pacific can be attributed to factors such as advancement in automation technologies, growing industry digitalization, rapid growth in advance software development industry, and increasing adoption of data analytics services by real estate builders and improving IT infrastructure in the region.

Some of the key players operating in the smart cities market are Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, Inc., General Electronics (GE) and ABB Group.

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