The global smart cities market is expected to reach a mark of over USD 3000 billion by 2024, at a CAGR over 21% during the forecast period. Significant growth in next-generation technologies such as artificial intelligence (AI), personalized healthcare, sustainable energy generation and robotics are driving the smart cities’ future. Moreover, increase in residential preference towards adoption of advanced information and communication technologies (ICT) escalates the future market growth.
With the rise of innovation and digitalization of industry applications, particularly in the residential sector, countries across the globe are actively looking for solutions to balance economic, technological and social development. With increase in population, data is also becoming more readily available now-a-days. Communities are turning to innovative information communication technologies (ICT) to re-imagine the way in which people of the residents live, work or play. IoT is playing a significant role in driving safer and smarter cities from changing the vision into reality.
The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that talks about the current nature and future scenario of the said market, key market indicators, end-user adoption analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of global smart cities market.
Global Smart Cities Market: Key Stakeholders
·Public Interest Group
·Professional Service Providers
·Utility / Service Providers
·Academic and Research Institutes
·Security Equipment Providers
·Software & Hardware Providers
·Cloud Service Providers
·Real Estate Builders
·Safety Standard Providers
Global Smart Cities Market: Research Summary
According to BlueWeave Consulting, the key findings of the report “Global Smart Cities Market Size, Share, Development, Growth and Demand Forecast to 2024” are:
·As per the research, hardware components have
been the largest revenue generators in the global smart cities market, as
compared to others. Also, among various types of applications, smart governance
was the largest revenue contributor in 2017. Moreover, among the smart
utilities category, smart energy applications is expected to continue contributing
the largest revenue, during the forecast period
·Europe has been the largest revenue contributor
to this market. According to the research, the region is expected to lead this
market over a longer period. Cities in Europe such as Italy and the U.K. have been
deploying smart cities solutions from ages, which makes the region forerunner
in this industry
·However, the markets in Asia-Pacific,
particularly cities in the Asian region are expected to witness fastest growth
during the forecast period. The upsurge in urbanization, along with purposed
investment in smart cities coupled with changing consumer preferences, is
expected to boost the growth rate of smart cities market in the region
Global Smart Cities Market, Revenue Forecast USD (Million), 2018-2024
Global Smart Cities Market: Research Methodology
Extensive secondary research was conducted using paid dat sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding on the global smart cities market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.
Global Smart Cities Market: Competitive Dynamics
Many new players have entered into this market along with several small and medium players. The leading players are focusing especially on technological improvements through organic and inorganic growth strategies. Some of the major companies operating in this industry include IBM Corporation, The ADT Corporation, Cisco Systems Inc., Oracle Corporation, AT&T Inc., SAP SE, Intel Corporation, General Electric, Schneider Electric SE, and Xerox Corporation.
1. Research Objective
1.1. Objective of the Study
1.2. Market Definition
1.3. Market Scope
1.3.1. Market Segmentation by Component
1.3.2. Market Segmentation by Application
1.4. Analysis Period of the Study
1.5. Data Reporting Unit
1.6. Key Stakeholders
2. Research Methodology
2.1. Research Methodology
2.2. Regional Split of Primary and Secondary Research
2.3. Secondary Research
2.4. Primary Research
2.2.1. Breakdown of Primary Research Respondents
18.104.22.168. By Region
22.214.171.124. By Industry Participants
2.3. Market Size Estimation
2.4. Assumptions for the Study
2.5. Market Breakdown and Data Triangulation
3. Executive Summary
4. Market Introduction
4.1.1. Overview by Component
4.1.2. Overview by Application
4.2. Market Dynamics
126.96.36.199 Impact analysis of Drivers
188.8.131.52 Impact Analysis of Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Supplier
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitute
4.3.5. Intensity of Rivalry
5. Market Size and Forecast by Component (Hardware, Software)
The research process began with obtaining historical market sizes of the entire smart cities market and the share of each type of segmentation, through exhaustive secondary research to understand the potential of the market under the prevailing market environment during the past years. The growth rate of the market and its segments was studied with a comparative approach to understand the impact of factors that shaped the market during the recent past.
The next step involved the study of present market environment that is influencing the Smart cities market and its expected long-term impact. Weightage was given to several forces that are expected to affect the home security market, during the forecast period. Based on the interim analysis, the market numbers were formulated for each of the forecast years for every segment.
4. Primary Research
Various industry experts including CEOs, presidents, vice presidents, directors, sales managers, products managers, organization executives and other key people of the global smart cities market were interviewed. The third step involved validation of hypothesis through segmented primary research with the key opinion leaders in the industry, including the company representatives, experts from distributer agencies, service providers and other industry experts. The primary research helped in assessing the gathered and assumed data with the real-time experience of industry representatives. This also led to modification in certain assumptions that were taken during the process of preliminary research. The analysts arrived at solid data points after the completion of primary research process.
In the fourth step, the market engineering was conducted, where the data points collected through secondary and primary sources were compiled to compute the final market sizes.
4.1 Breakdown of Primary Research Respondents, By Region
4.2 Breakdown of Primary Research Respondents, By Industry Participants
5. Market Size Estimation
Top-down approach has been followed to obtain the market size by region, and by country. Bottom-Up approach has been followed to obtain market size by component and by application. An amalgamation of bottom-up and top-down approach has been performed to determine the revenue.
6. Assumptions for the Study
The macro-economic factors would remain same during the forecast period.
The market players would exhibit consistent performance during the forecast period without having any adverse ripple effects on the industry.