Smart Cities Market to Grow at 20% CAGR by 2023: P
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NEW YORK, July 06, 2017 (GLOBE NEWSWIRE) -- According to a new research report “Global Smart Cities Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Component (Hardware and Software), by Application (Smart Governance, Smart Utility, Smart Infrastructure, Smart Healthcare, Smart Security & Threat, Smart Education, Smart Building, Smart Transportation, and Others)” published by P&S Market Research, the global smart cities market is projected to grow at a CAGR above 20% during 2017 - 2023.
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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.
As per the findings of the research, 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.
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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.
Factors such as improvement in democratic processes, increasing transparency in governance, and citizen centric development is driving the need for smart governance in the global smart cities market. Further, with the increasing application of e-governance, smart governance has emerged as an evolution in context with modernization of city infrastructure, integration of information and communication technology (ICT) in public administration, and urban sustainability.
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