Smart Cities Market by Functional Area
Smart cities use different information and communication technologies to fuel sustainable economic growth. They are focused to provide enhanced urban services to reduce overall resource costs and energy consumption. The factor that drives the global smart cities market includes continuous growth in urbanization resulting in increasing demand for smart technology for efficient day-to-day services for better resource management. In addition, proactive government solutions for smart cities deployment due to the wide adoption of Internet of Things (IoT) devices is expected to boost the growth of the global market. Based on functional area, the smart infrastructure segment dominated the global smart cities market in 2017 due to demand of advanced security and safety devices among public organizations. Furthermore, the smart energy segment is expected to grow at the highest CAGR during the forecast period due to increase in demand for energy efficient solutions driving the adoption of smart energy meters to meet the unique challenges associated with the increasing demand of energy for continuously growing population.
The global smart cities market was valued at $517,629 million in 2017 and is projected to reach $2,402,123 million by 2025, registering a CAGR of 21.28% from 2018 to 2025. In 2017, smart infrastructure segment accounted for the highest revenue in the market.
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