Smart cities are gaining market traction as there is a compulsive search for land to accommodate more than 7 billion people on the planet. The continued growth in the population, ill-planned cities, overcrowding in developing cities, and lavish lifestyle are resulting in enormous wastage of the natural resources. The loss of natural resources will eventually result in high cost of living, a rise in the level of pollution, and an increase in the crime rates. Thus, the governments in many countries have come up with a concept of smart cities, which will be enabled by the intelligent information and communication technology.
Trends Market Research forecasts the smart cities market in India to grow at a CAGR of 18.5% during the forecast period. The market is segmented into city types and applications.
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As stated in the report, India is one of the fastest and largest growing markets for smart cities due to the initiatives and the use of technology. The Tier 2 metro cities will have the highest growth rate due to the declaration of government initiatives and private investments from the software providers. Moreover, the Government of India has already planned and mentioned the first 20 smart cities.
The market is evolving mainly due to the increasing adoption of Internet and mobile phones and the growing demand for energy-efficient sources to safeguard the Earth’s limited resources. These situations have offered tremendous opportunities for the smart cities players across the world to invest hugely in the market and achieve their business goals.
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The report covers the present scenario and the growth prospects of the smart cities market in India during the forecast period 2017-2023. Moreover, to calculate the market size, the report considers the revenue generated from the sales of the following solutions:
- Smart Governance
- Smart Education
- Smart Security
- Smart Energy
- Smart Infrastructure
- Smart Mobility
- Smart Healthcare
- Smart Building
The market is analyzed by
- Applications – Smart Governance, Smart Education, Smart Security, Smart Energy, Smart Infrastructure, Smart Mobility, Smart Healthcare, Smart Building
- City Types – Tier 1, Tier 2, and others
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023)
- It contains an analysis of vendor profiles, which include financial health, business units, geographical revenue, business focus, SWOT, business strategy, and views
- In the vendor profile section, for the companies that are privately held, financial information and revenue of segments will be limited
- The report covers political, economic, social, and technological (PEST) factors affecting the market growth during the forecast period
Cisco Systems, Google Inc., General Electric, Panasonic, Honeywell International Inc., Microsoft Corp., IBM Corp., ABB Ltd., SAP SE, and Apple.