LONDON–(BUSINESS WIRE)–The smart city market is expected to grow by USD 2118.14 billion, progressing at a CAGR of almost 23% during the forecast period.

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The decrease in prices of connected devices is one of the major factors propelling the market growth. However, factors such as the high cost of upgrading smart grids will hamper the market growth.

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Smart City Market: Application Landscape

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. Market growth in this segment will be faster than the growth of the market in smart energy, smart healthcare, smart security, and others’ segment.

Smart City Market: Geographic Landscape

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. 40% of the market’s growth will originate from Europe during the forecast period. Germany and Spain are the key markets for smart cities in Europe. Market growth in this region will be slower than the growth of the market in APAC and MEA.

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Companies Covered:

• ABB Ltd.
• Accenture Plc
• Alphabet Inc.
• Cisco Systems Inc.
• HP Inc.
• International Business Machines Corp.
• LG Electronics Inc.
• Microsoft Corp.
• Oracle Corp.
• SAP SE

What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, until 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

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

• Overview

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

• Vendors covered
• Market positioning of vendors
• ABB Ltd.
• Accenture Plc
• Alphabet Inc.
• Cisco Systems Inc.
• HP Inc.
• International Business Machines Corp.
• LG Electronics Inc.
• Microsoft Corp.
• Oracle Corp.
• SAP SE

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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.