Smart city market is experiencing good demand in order to manage utility resources such as electricity, infrastructure, water, waste management, farming, traffic and gas are considered majorly to these projects. Intensity of the global smart cities market is stimulated proactive government smart cities initiatives, demand for quality life and urbanization. Governments are playing a vital role in the smart cities market enforcing policies which are entitled on the smart cities projects.
Intensity of implementing unique technologies are high which complies with smart cities are a major driving forces of this market. Smart cities encompasses of various domains that are applicable to enhance the efficiency of customers and institutions. The smart city market is experiencing good demand in order to manage utility resources such as electricity, infrastructure, water, waste management, farming, traffic and gas are considered majorly.
The global smart cities market was valued at USD 517,629 million in 2017 and is projected to reach USD 2,402,123 million by 2025, registering a CAGR of 21.25% from 2018 to 2025.
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Emergence of smart city service segment is evident globally:
Among smart city projects the need for services segment to cater smart city infrastructure is being at its introductory phase and has a significant role in managing these projects long term basis worldwide. Thus the service segment in the smart city is considered as one of the most demanded offering over others and has a lucrative market opportunities. Developed nations are focusing on the disruptive technologies that are driving these market segments. Such initiatives are being majorly contributed by the investments in R&D in-order to evolve technological advantages to the prospective end-users.
The major segments focused by these markets smart infrastructure and utilities which are about to dominate the smart cities market in the APAC region. Developed nations are focusing on the disruptive technologies that are driving these market segments. China had already introduced its smart city projects for about 290 cities which are being facilitated at a fast pace.
The major player among the smart city companies is International Business Machines Corporation. It is estimated to have generated a revenue of USD 79.60 billion and had a net income of USD 8.71 billion in the year 2018. The companies operate in the diversified industry vertical that enables it to give a significant contribution to the smart city concept market share.
The prominent players in the smart city market have competing at a large scale globally, they are as followed; Schneider Electric, Vodafone, Verizon, Siemens AG, Honeywell International Inc., Ericsson, SAP SE., KAPSCH Group, and AGT International, Cisco Systems, Ericsson, Itron Inc.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
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d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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