Smart Cities Market Worth USD 1088.25 Billion by 2022

According to the new market research report, “Smart Cities Market, by Application (Transportation, Utilities, Buildings, Smart Citizen Services), Smart Service (Smart Education, Smart Healthcare, Security, Threat Management) – Global Revenue, Trends, Growth, Share, Size and Forecast to 2022“, published by Scalar Market Research, the smart cities market is expected to grow at a CAGR of 17.98% and reach 1088.25 billion by 2022. In the year 2016, the smart cities market is estimated to be worth 403.54 billion.

The global smart cities market report offers in-depth analysis of the market size (revenue), market share, major market segments, different geographic region, forecast, key players, and premium trends. It also focuses on the key drivers and opportunities in this market.

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The regions of Asia-Pacific and Europe are expected to dominate the global smart cities market, due to the government initiatives toward energy efficient and modern cities. Europe holds the biggest market share globally.

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Key findings of the report:    

• The impressive government initiatives around the world are expected to drive the growth of the smart cities market.
• The strong demand for energy during peak hours and the rise in energy consumption around the world are also some of the key drivers for the smart cities market.
• Technological advancements, hyper-urbanization, reduced operational costs are also some of the major driving factors suggested in this report for the smart cities market.

The smart cities market segments the global smart cities market by the types of applications, services, and the major geographic regions. The major application segments in the market include utilities, buildings, smart citizen and transportation. The service segments in the market include consulting, management and planning, infrastructure monitoring and integration.

The major geographic regions in the smart cities market include North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. The emerging markets, on the other hand, are expected to witness a strong growth demand and growth opportunities for this market.

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The key players in the smart cities market include:

• ABB Ltd.
• AGT International
• Alcatel-Lucent SA
• Alstom SA
• General Electric
• Honeywell International, Inc.
• Itron, Inc.
• Kapsch Group Beteiligungs GmbH
• Maven Systems Pvt. Ltd.
• SAP SE
• Silver Springs Networks, Inc.,
• Others

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Scalar Market Research, Inc., a U.S.-based market research and consulting firm, aspires to assist organizations from around the world to achieve their business goal with premium market research reports and consulting services. Our real-time industry tracking with the help of advanced analytics offers a crystal clear view of all the activities in niche markets. Our team, with thorough global understanding, works relentlessly to gather the necessary market insights, including customer analysis, competitions and global forecast.

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