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Global Smart City IndustryNew Study On “2019-2023 Smart City Market Global Key Player, Demand, Growth, Opportunities and Analysis Forecast” Added to Wise Guy Reports Database
Smart city is an urban space that runs entirely on electrical aid and internet connections. This city includes everything that normal lifestyle requires, only with added luxury. Since the smart cities run entirely on different technologies, the smart city market deals with the various industries and the technologies required for the maintenance of the cities. These include technologies for all kinds of services like school, pre-school, physical training gym, business handling sectors, entertainment sectors, legal help and also the medical help. The building up of a single smart city involves the growth of many individual industries. Growing expenditure in the construction sector is expected to take the global smart city market forward.
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The report elaborately discusses major factors that help the market stand along with other competitors in the global market. Due to rapid urbanization and advancement in the technology people find it secure to invest in the betterment of their lifestyle. The smart city market is a healthy outcome of it. Besides this, the elderly population now seeks techy modern accommodations, which can boost the growth of the smart city market. Moreover, the smart city markets provide an inbuilt entertainment and health care system, which could be alluring for buyers and can substantiate the growth of the smart city market.
Segmentation
The smart city market can be read on the basis of effective segmentation that includes component and end-users of the smart city markets.
Based on the component, the smart city market includes different elements on which the infrastructure of the smart cities stands. These components are communications, hardware, sensors, and software market size and forecast.
Based on the end-user, the segmentation of the market includes the different sections in which the mentioned components are used. The major sections are energy management, water management, transportation management, assisted living, e-government, and waste management.
Regional Market
The global smart city market is geographically segmented into the following key regions: North America, Europe, Asia Pacific, and the Rest of the World. There has been notable developments noticed in the global smart city landscape and gaining a geographical analysis helps assess the market in a profound manner.
Both Europe and North America stand out as two key regional markets. The number of supportive and favorable initiatives undertaken by the government herein to encourage the development and expansion of the smart city concept is majorly driving the regional growth. Both the regions have a well-established infrastructure and stable economic condition. This is steering considerable growth in these markets. Elsewhere, the Asia Pacific region is growing at an accelerating pace with increasing urbanization across the developing economies herein. Increasing investments and government support are pushing the market growth in this region.
Market Players
The prominent market players are Accenture, General Electric, Hitachi, Microsoft, Siemens, and also the Toshiba Group
Industry News
The government of India has taken an initiative of building smart cities in India. For this a workshop was held in Pune called “Smart city showcase day”.
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