The smart city market size is poised to grow by USD 2118.14 billion during 2020-2024, progressing at a CAGR of almost 23% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Smart City Market 2020-2024 (Graphic: Business Wire)

IoT systems have revolutionized the connected network ecosystem over the last few years. Smart city infrastructure is based on an efficient and connected network system. The reduction in costs of IoT sensors and associated systems, and in the cost of broadband services has led to the implementation of smart cities across the world. Furthermore, the decline in hardware costs, installation costs, and tariff rates of network operators have triggered a surge in M2M security systems adoption in applications such as smart homes, connected cars, connected health, and precision agriculture. As the prices for connected devices continue to decrease in the coming years, the smart city market will witness significant growth.

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Report Highlights:

  • The major smart city market growth came from the smart governance and education segment. Smart governance and education consist of technologies that enhance the administration of education through various tools such as online tutoring, e-learning, and data management systems. These technologies help convert the traditional educational systems based on books and classroom training into an automated viral learning environment using laptops and the Internet and are used extensively in e-governance, homeland security, fire and emergency, and traffic management applications. Other areas in which these services are used include financial services, public services, and security. It helps to analyze the risks and plan and implement preventive measures.

  • Europe had the largest smart cities market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The availability of high-speed wireless networks and increased connected devices such as smartphones and IoT penetration will significantly influence smart city market growth in this region.

  • The smart city market is fragmented. ABB Ltd., Accenture Plc, Alphabet Inc., Cisco Systems Inc., HP Inc., International Business Machines Corp., LG Electronics Inc., Microsoft Corp., Oracle Corp., and SAP SE are some of the major market participants. To help clients improve their market position, this smart city market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the smart city market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Proliferation of Smart City Projects in Emerging Economies will be a Key Market Trend

The proliferation of smart city projects in emerging economies, one of the key smart cities market trends, will also influence market growth. While developed economies have been working on creating smart cities for a decade, emerging economies are still in the planning phase and are launching several pilot projects. For instance, the government of India has initiated smart city projects for 100 cities. The installation of smart devices for these upcoming smart cities in emerging economies is expected to generate huge amounts of data. The analysis of this data would be required to improve business quality and innovate for a better future with faster connectivity by facilitating prompt suggestion-based services. As a result of these factors, the market will grow during the forecast period.

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Smart City Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist smart city market growth during the next five years

  • Estimation of the smart city market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the smart city market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of smart city market vendors

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Executive Summary

Market Landscape

  • Market ecosystem

  • Value chain analysis

Market Sizing

Five Forces Analysis

Market Segmentation by Application

  • Market segments

  • Comparison by Application placement

  • Smart governance and education – Market size and forecast 2019-2024

  • Smart energy – Market size and forecast 2019-2024

  • Smart healthcare – Market size and forecast 2019-2024

  • Smart security – Market size and forecast 2019-2024

  • Others – Market size and forecast 2019-2024

  • Market opportunity by Application

Customer landscape

Geographic Landscape

  • Geographic segmentation

  • Geographic comparison

  • Europe – Market size and forecast 2019-2024

  • North America – Market size and forecast 2019-2024

  • APAC – Market size and forecast 2019-2024

  • South America – Market size and forecast 2019-2024

  • MEA – Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers

  • Volume driver – Demand led growth

  • Volume driver – Supply led growth

  • Volume driver – External factors

  • Volume driver – Demand shift in adjacent markets

  • Price driver – Inflation

  • Price driver – Shift from lower to higher priced units

  • Market challenges

  • Market trends

Vendor Landscape

  • Overview

  • Landscape disruption

Vendor Analysis

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201013005915/en/

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