Subject: MRR
Technavio's Smart City Market Research Report Highlights the Key Findings in the Area of Vendor Landscape, Key Market Segments, Regions, and Latest Trends and Drivers
NEW YORK, Jan. 20, 2022 /PRNewswire/ -- The latest market research report, "Smart City Market by Application and Geography - Forecast and Analysis 2021-2025" by Technavio infers that the increase in IT consolidation and modernization is driving the smart city market's growth. The market growth momentum is likely to accelerate at a CAGR of 19.43%.
Resulting in the market growth of USD 151.99 billion from 2020 to 2025, read additional information about the smart city market, get a FREE sample report.
Vendor Landscape
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, Siemens AG among others are some of the few key vendors competing to maintain their market position in the market.
Various players in the market are engaging in strategic partnerships and joint ventures coupled with launching differentiated products to up their game in the smart city industry. For instance, In July 2021, ABB Ltd acquired ASTI Mobile Robotics Group to drive the next generation of flexible automation. In June 2021, the company partnered with Axpo on a project aimed at making green hydrogen more accessible and affordable.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by Application:
- Smart infrastructure:
- Smart infrastructure entails the digitalization of energy systems, buildings, and industries to improve efficiency and sustainability in the way people live and work. Many interior functions, such as heating, ventilation, lighting, security, and other building systems, can be automated in smart buildings thanks to modern installation and technological systems.
- The implementation of smart infrastructures will be fueled by increased industrial development, commercialization, and knowledge of efficient energy use and building optimization. Rapid technological advancements will accelerate the adoption of smart infrastructure, as systems may use the Internet of Things (IoT), analytics, and cloud computing to monitor, control, and operate buildings more effectively.
- Smart Energy
- Smart Mobility
- Smart Security
- Others
Request a FREE Sample of this report for more highlights into the market segments.
Regional Market Outlook
Europe will contribute to 37% of the market growth during the forecast period. The growth of this region can be attributed to the availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration.
Apart from regions, if we look at the country-wise market growth, the US, UK, Germany, Spain, and Japan will contribute to the highest market growth.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Trends, Driving the Global Smart City Market
- Market Driver:
- Increase in IT consolidation and modernization:
The rising convergence of IT infrastructures in enterprises, such as data centers and networking systems, is prompting C-suite executives to deploy advanced IT service delivery models, such as shared and managed IT services. The acceptance of IT services and the deployment of smart city projects for greater connectivity and sustainability are being driven by the constant change in technology and the demand for IT modernizations in multiple industry verticals such as manufacturing, BFSI, telecom, and healthcare. Furthermore, IT services and policies are being adopted by the public sector because they assist in integrating operational procedures related to IT and business strategy while also lowering costs.
- Market Trend:
- The proliferation of smart city projects in emerging economies:
For more than a decade, developed economies in North America and Europe have been working to construct smart cities and have already completed several projects. In terms of smart city technologies, APAC is the fastest-growing area. India and China, for example, are still in the planning stages and are undertaking a slew of experimental projects. The increasing rate of urbanization in countries like India is a primary factor driving the implementation of smart city initiatives, as smart city infrastructure enables end-users to respond more quickly to the difficulties that urban settlements face. As a result, during the projected period, the number of smart cities in emerging economies is expected to quickly increase, which, further will boost the smart city market growth during the forecast period.
Find additional information about various other market drivers & trends mentioned in our FREE sample report.
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Smart City Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Accelerate at a CAGR of 19.43% |
Market growth 2021-2025 | $ 151.99 billion |
Market structure | Fragmented |
YoY growth (%) | 18.40 |
Regional analysis | Europe, North America, APAC, South America, and MEA |
Performing market contribution | Europe at 37% |
Key consumer countries | US, UK, Germany, Spain, and Japan |
Competitive landscape | Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled | ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., SAP SE, and Siemens AG |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com
SOURCE Technavio
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