New York, NY -- (SBWire) -- 08/08/2018 --Smart cities market size is set to cross $2,578.0 billion by 2023, growing at a CAGR of above 20.0% during 2017-2023. Due to significant growth in automation technologies such as internet of things (IoT) and adoption of cloud-based technologies, the market for smart cities is gaining huge traction. In addition, effective city asset management for public welfare, substantial operational cost savings, and automated public data generation applications contribute to the growth of the market.
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As per the findings of the research, hardware component generated larger revenue as compared to the software component, in the smart cities market. Further, among applications, smart governance segment leads the market. However, the market is expected to witness highest growth for smart building, during the forecast period. Traffic management category contributed largest revenue for smart transportation, however, the market is expected to grow fastest for transport data management, during the forecast period.
Hardware component has been the larger revenue contributor to the smart cities industry. The hardware components used in the smart cities market includes physical devices such as sensors, actuators, and chips. With the deployment of a combination of such hardware devices with software applications, traditional networks which are present in the city infrastructure are made more flexible, efficient and sustainable. This is achieved by efficient use of information, digital and telecommunication technologies to improve the overall operation of the city, benefitting its inhabitants.
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The intensity of rivalry in the global market is comparatively moderate. Most of the major vendors prevailing in the smart cities market are actively focused on enhancing their offerings to meet the ongoing demand for smart cities solutions. This includes advance software developments, new hardware integrations, and advancement in automation technology areas.
Some of the key players operating in the smart cities market are Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, Inc., General Electronics (GE), and ABB Group.
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