Cities wherein traditional infrastructure is made more efficient through integration & coordination with ICT and other novel digital technologies are termed as smart cities. Smart city solutions automate routine functions that serve individuals, buildings, traffic systems, and other public amenities. In addition, smart cities have the proficiency & capacity to monitor, understand, and analyze their capabilities, which further improves the quality of life for citizens whilst reducing a city’s environmental impacts. Market Industry Reports (MIR) has published a new report titled “Smart Cities Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global smart cities market accounted for over US$ 360 billion (estimated) in 2019. It is anticipated to grow at a CAGR of 18.0% from 2019 to 2030.
The growing adoption of connected devices and smart technologies across various regions has been one of the most crucial factors for the growth of smart cities globally. Moreover, rising awareness to ensure environmental sustainability in cities has triggered the need for the adoption of smart solutions. Furthermore, key player strategies, such as new product launches, business expansions, acquisitions, and partnerships, can be attributed to the extensive market growth. For instance, in November 2019, ABB’s power grids business and Cree, a U.S.-based manufacturer of power semiconductors entered into a partnership to accelerate the growth of ABB’s Electric Vehicles (EV). This partnership is aimed toward the development of energy-efficient silicon carbide semiconductors for the automotive and industrial sectors. However, insufficient awareness regarding the advantages of smart technologies and the dearth of skilled personnel hinders market growth to a certain extent.
Major Key Players of the Smart Cities Market are:Schneider Electric, Cisco Systems, Siemens, Telefonaktiebolaget LM Ericsson, Itron Inc., Telensa, Honeywell International Inc, Gfi, ABB, and IBM, among others.
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