Smart Cities Industry Market Report 2019: Top Companies Overview, Market Size, Share, Market Demand, Trend, Growth and Forecast 2024

Smart Cities Industry Market Report 2019: Top Companies Overview, Market Size, Share, Market Demand, Trend, Growth and Forecast 2024
According to the global smart cities market report by IMARC Group, the market was worth US$ 312.4 Billion in 2018. Looking forward, IMARC Group expects the market to reach a value of US$ 826.3 Billion by 2024, registering a CAGR of 17.6% during 2019-2024.

A smart city is an infrastructural framework based on Information and Communication Technologies (ICT) that collects data through various electronic sensors and optimizes operations to promote sustainable development in urban areas. The software component consists of mobile and web applications, while the hardware component includes sensors, chips and actuators for management and administration through digital devices. The framework of smart cities also promotes automation across healthcare, education, residential, transport, water treatment, security and energy sectors.

Smart Cities Market Trends

The global market is driven by the increasing adoption of artificial intelligence (AI)- and Internet of Things (IoT)-based building management systems across the globe. Technologically advanced cities are using software-based tools to ensure the comprehensive development of institutional, social, physical and economic infrastructure. Furthermore, rapid population growth, hyper-urbanization and globalization, are also providing a boost to the market growth. Other factors, including favorable government initiatives promoting sustainable lifestyles, are projected to drive the market further.

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Market Segmentation

Market Breakup by Focus Area:

Smart Transportation
Smart Buildings
Smart Utilities
Smart Citizen Services

Market Breakup by Smart Transportation:

Smart Ticketing
Traffic Management System
Passenger Information Management System
Freight Information System
Connected Vehicles

Market Breakup by Smart Buildings:

Building Energy Optimization
Emergency Management System
Parking Management System

Market Breakup by Smart Utilities :

Advanced Metering Infrastructure
Distribution Management System
Substation Automation

Market Breakup by Smart Citizen Services:

Smart Education
Smart Healthcare
Smart Public Safety
Smart Street Lighting

Market Breakup by Region:

North America
Asia Pacific
Middle East and Africa
Latin America

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About us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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