Market Overview

The smart city market is set to grow at a high CAGR during the forecast period 2016 to 2022. As per the market research report, the market will hit US$1933 billion in terms of valuation by the end of 2022. The market growth will be driven by rapid urbanization across the globe. Based on the research report, solid waste management will accelerate growth in the market till 2022. There will be a negative impact on the global smart city market’s growth during this period. The lack of expertise and proficiencies of users will likely become a threat. The smart city technology market published by expert analysts includes primary and secondary data and suggests that component, application, and region segments are anticipated to witness tremendous growth till 2022. Factors such as efficient mobility & public transport will be major growth factors during the forecast period and the rising demand for robust IT connectivity & digitalization is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by it rejuvenates the economy & heritage which could negatively affect activities taking place across the market. The low demand from developing countries is another challenge the market could face till 2022.

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Competitive Landscape

Urban planning based organizations are profiled in the market research report. The smart city market along with companies and segments have been studied. The analysis of urban planning based business is also done to identify challenges such as the shortage of professional services and strengths of these companies. The global smart city market research report covers SWOT analysis, Porter’s Five Force analysis of major urban planning related organizations. The strategy and other key details of these companies for the forecast period 2016 to 2022 are covered in the report. The rising industrialization worldwide is anticipated to support the market growth as the market is set to grow at a high CAGR and reach a value of US$1933 billion by 2022.

Market Segmentation

The Smart City Market Industry is segmented into various parts based on application, transport, residential, healthcare, education, and government. Smart utilities like smart meters, smart lighting, smart waste management are categorized in the application segment. Based on the transport, it is classified into smart parking, smart ticket, and smart transportation. Smart transportation is one of the emerging segments fueling market growth. The real-time traffic information feature is one of the innovative features of smart transportation. They deploy an advanced traffic system that can improve traffic management efficiency and decreases travel time. The advanced system includes intelligent transportation, smart ticketing, travel assistance, and parking management. The residential segment includes smart buildings.

Regional Overview

The smart city market, with its segments, is present in different parts of the world. urban planning based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Good governance that promotes e-governance & citizen participation is anticipated to be a major factor for growth across the urban planning space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The urban planning sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Urban planning based businesses in these regional markets are anticipated to grow due to the ever-increasing population during the forecast period 2016 to 2022. Concerns regarding high cost as well as the high product and maintenance cost will have a negative impact on the market’s growth. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.

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