Smart Cities Market - Global Forecast to 2020 - New Market Research Report

From: Fast Market Research, Inc.
Published: Mon May 23 2016

Smart Cities Market by Solution and Services for Focus Areas (Transportation - Rail & Road, Utilities - Energy, Water, & Gas, Buildings - Commercial & Residential, and Smart Citizen Services - Education, Healthcare, & Security) - Global Forecast to 2020

"Technological advancements in Information and Communication Technology (ICT) and growing demographics & hyper-urbanization are the major driving factors for the smart cities market"

The smart cities market size is estimated to grow from USD 312.03 billion in 2015 to USD 757.74 billion by 2020, at an estimated CAGR of 19.4%. The driving factors for the growth of smart cities market are technological advancements in the field of IoT, cloud, sensors, & mobility; growing demographics & hyper-urbanization; government initiatives; growing energy consumption & requirement for optimization of energy usage during peak hours; increasing share of renewable energy and limitations in capacity expansion; and decrease in operational cost of smart building infrastructures in capacity expansion.

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"Building segment in smart cities focus areas to gain maximum traction during the forecast period"

The building segment in smart cities focus areas is expected to grow with the highest CAGR during the forecast period. Among smart building solutions, facility management and energy optimization solution is expected to have the largest contribution during the forecast period. The increasing need for a centralized system for controlling and monitoring of various devices, such as lightning; Heating, Ventilation, and Air-Conditioning (HVAC); surveillance, and emergency response to reduce energy usages, and enhance security in the building premises is driving the market for smart cities. Another focus area, transportation, is also expected to provide good opportunities for growth as governments across the globe are showing high interests to improve their transport infrastructure in order to minimize traffic jams, reduce energy consumptions by vehicles, and decrease in count of deaths in road accidents. Among smart transportation solutions, traffic management and automated driver guidance system is expected to grow with the highest CAGR contribute maximum in the overall market size than any other solution. Europe is expected to be largest revenue generating region followed by Asia-Pacific (APAC) and North-America whereas Latin America and the Middle East and Africa (MEA) are expected to be the emerging potential markets for smart city solutions and services.

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