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(Wireless-NewsWire.Com, May 16, 2018 ) According to a new market research report "Smart Cities Market by Focus Areas, Transportation (Types, Solutions, Services), Utilities (Types, Solutions, Services), Buildings (Types, Solutions, Services), Citizen Services (Types), and Region - Global Forecast to 2022", published by MarketsandMarkets™, the smart cities market size is expected to grow from USD 424.68 Billion in 2017 to USD 1,201.69 Billion by 2022, at a CAGR of 23.1% during the forecast period, mainly due to rapid connectivity and fast telecommunication provision; and growing demography and hyper-urbanization.
Browse 79 Market Data Tables and 67 Figures spread through 183 Pages and in-depth TOC on "Smart Cities Market by Focus Areas, Transportation (Types, Solutions, Services), Utilities (Types, Solutions, Services), Buildings (Types, Solutions, Services), Citizen Services (Types), and Region - Global Forecast to 2022"
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Moreover, successful implementation of smart city projects heavily depends on the technologies – data communications, cloud, mobility, and sensors that altogether form the IoT ecosystem. These technologies lay the foundation for smart city projects. Fast developments in these areas, in recent years, have enabled better connectivity of objects resulting into the complete development of smarter ecosystems.
Smart roadways has created vibrant prospects for stakeholders in the market
Intelligent Transport System (ITS) is often referred in context with the use of information and communication technologies in road transport, including infrastructure and traffic management, as well as, for interfaces with the other modes of transport. Despite the rapid technological advancements in the automobile sector and mobile devices, as well as, the emerging concept of connected vehicles, there have been no significant changes to the existing asphalt roads.
Smart distribution management is projected to showcase robust growth in the smart cities market
The smart distribution management system in the utilities sector is governed by the efficient demand and response management (DRM). DRM allows the utility utilities sector to manage and implement Demand Response (DR) programs through a single integrated system, which can be interfaced with commercial, industrial, and residential sites.
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Rapidly growing urban population and governments’ large initiatives are major driving factors for smart city projects which provide significant growth opportunities for vendors in the APAC market
The APAC region is expected to provide growth opportunities to vendors over the next few years. Large working population and developing technology hubs have expanded the competitive environment in the region. APAC has the highest deployment of the cloud-based services. The region is investing in the IT and telecommunication sector. These developments clubbed with a growing demand from a massive and growing population enhances growth potential for the smart cities market in the region.
Key vendors in the global smart cities market profiled in the report include Huawei Investment & Holding Co., Ltd. (China), Cisco Systems (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), Schneider Electric (France), Siemens AG (Germany), Ericsson (Sweden), and Hitachi Ltd., and Toshiba Corporation (Japan).
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