Smart Cities Market Global Forecast to 2020


The smart cities market size is estimated to grow from USD 312.03 Billion in 2015 to USD 757.74 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 19.4%. The base year considered for the study is 2014 and the market size is forecasted from 2015 to 2020. Smart cities market has been segmented into four major focus areas across regions. The focus areas include transportation, utilities, buildings, and smart citizen services. Technological advancements in Information and Communication Technology (ICT) and growing demographics & hyper-urbanization are the major driving factors for the smart cities market. Cities across the world are increasingly adopting smart solutions for their various sectors, such as buildings, transportation, utilities, and citizen services in order to achieve better living standards, increased efficiency, economic stability, optimization of energy, and higher environmental protection based on the technologies: IoT, cloud, mobile, and sensors.

The research methodology used to estimate and forecast the smart cities market begins with the collection and analysis of data on key vendor revenues through secondary research. The vendor’s product and solution offerings are also analyzed to determine the market segmentation. The bottom-up procedure is used to arrive at the total market size of the global smart cities market from the revenue of key players in the market. After estimating the total market size, it is split into segments and subsegments, which are then verified through primary research by conducting extensive interviews with key people, such as CEOs, VPs, directors, and executives. This data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the accurate statistics for all segments and sub-segments.

Source : Markets and Markets


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