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Smart Cities Market 2016 - Global Forecast to 2020
May 20, 2016 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Smart Cities Market by Solution and Services for Focus Areas - Global Forecast to 2020" report to their offering.
The global smart cities market is expected to grow from $312.03 Billion in 2015 to $757.74 Billion by 2020, at a CAGR of 19.4%.
Factors such as technological advancements in the field of Internet of Things (IoT), cloud, mobile and sensors; growing demographics & hyper-urbanization; and increasing concerns for environmental protection are expected to encourage the growth of this market.
In the smart cities market, building, in the focus areas segment, is the fastest-growing segment. 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.
Presently, the smart cities market is growing progressively with constant technological advancements. Deploying technologies such as smart grids, smart metering for energy management; electric vehicle and traffic management with smart transportation and smart security are high growth areas within smart cities. Thus, smart transportation, smart security, and smart energy management are considered to be the most important components in smart cities. As citizens and governments are becoming more environment conscious, there is a push for tougher regulations, aimed at reducing carbon footprint within urban areas.
In upcoming years, it is expected that the smart cities market will grow substantially with the advancements in IoT, cloud, mobile, and sensors. However, Low levels of operational efficiency in emerging countries and absence or lack of robust telecom and networking infrastructures in developing economies are likely to inhibit the growth of this market.
The major vendors in the smart cities market include IBM, Cisco, Microsoft, Schneider Electric, Siemens, Oracle, Huawei, Ericsson, Toshiba, and Hitachi. Partnerships and new product launches are the key strategies adopted by these players to expand their global footprints. For instance, in February 2016, Ericsson, the Global M2M Association (GMA), the Bridge Alliance, and Samsung entered into a strategic partnership for the development and innovations in IoT. In November 2015, Ericsson entered into a strategic partnership with Cisco to offer next-generation network architectures based on 5G, cloud & IP, and the IoT.
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