Smart Cities Market to Grow at 20% CAGR by 2023: P&S Market

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Smart Cities Market to Grow at 20% CAGR by 2023: P&S Market Research

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.

Browse More Information On Smart Cities Market: https://www.psmarketresearch.com/market-analy...ies-market

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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Marketing Automation Software Market

Marketing automation software refers to a software platform designed for the marketers and marketing departments to automate various repetitive marketing tasks. The marketing automation software allows businesses to streamline, automate, and measure marketing tasks such as e-mails, social, media, and workflows in order to increase operational efficiency and revenue growth. The market size in the report global marketing automation software market represents revenue generated from the sale of marketing automation software at consumer level.

https://www.psmarketresearch.com/market-analy...are-market

Smart Homes Market

Smart homes refer to smart buildings, usually the new ones that are equipped with special electronic features such as structured wirings and wireless devices, which enable occupants to remotely control an array of automated home devices by software commands. The market for smart homes is growing rapidly, due to advancement in technology expansion in home automation and wireless sensing devices.

  https://www.psmarketresearch.com/market-analy...mes-market

About P&S Market Research

P&S Market Research is a global market research and consulting company. We provide market research reports, industry reports, business intelligence and research based consulting services across a range of industries.

With the help of our professional corporate relations with various companies, our market research offers the most accurate market forecasting. Our analysts and consultants interact with leading companies of the concerned domain to substantiate every single data presented in our publication.  Our research assists our client in identifying new and different windows of opportunity and frame informed and customized strategies for expansion in different regions.

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