New York, NY -- (SBWire) -- 12/20/2017 --A recent market research report by Persistence Market Research, covering the global market for smart cities, states that the market will emerge as one of the most promising markets in the information technology and telecommunications sector in the next few years. The report, titled "Smart Cities Market: Global Industry Analysis and Forecast 2016-2026," states that the market will exhibit an exponential 18.8% CAGR over the period between 2016 and 2026. If the numbers hold true, the market is expected to rise from a valuation of US$540.6 bn in 2015 to a revenue opportunity of US$3,482.2 bn by 2026.

The report attributes the excellent scope of expansion of the global smart cities market to factors such as the rising awareness regarding the vast sets of benefits of connected cities, the increased rate of adoption of home security and safety systems, and the vast technological advancements witnessed in the field in the past few years. Owing to the increased number of companies in the market, the number of innovative products and solutions have rapidly multiplied, bringing down costs and expanding consumer-base.

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The report segments the global smart cities market on the basis of criteria such as application, component, and geography.

Key applications of smart cities covered in the report include smart building, smart security, smart energy, smart governance, smart transportation, smart healthcare, smart education, and smart water network systems. Of these, the segment of smart energy accounted for the dominant share of nearly 18% in the global market in 2015, chiefly owing to the rapid deployment of a large number of smart grid products, devices, and technologies across the globe in the past few years. However, the segment is estimated to witness a setback over the second-half of the report's forecast period and lose its leading position.

The segment of smart security, which held over 15% of the global market in 2015, is expected to take the top spot in terms of revenue contribution to the global market in 2026 with a 22% share. The segment is also expected to register the highest CAGR over the report's forecast period and lead to promising growth opportunities throughout.

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In terms of component, the report segments the global smart cities market into hardware, software, and services. The report states that all the three segments will register a decent rate of growth over the forecast period. While the hardware segment could see a slight slump in sales in the second-half of the forecast period, it will continue to account for the dominant share in the overall market throughout the report's forecast period, holding a nearly 35% of the market through 2026.

From a geographical standpoint, the report states that the market in North America is presently the dominant revenue contributor to the global market. Backed by strong growth potential in the U.S., the North America smart cities market will exhibit a promising CAGR of 14.5% over the report's forecast period. However, the Asia Pacific except Japan (APEJ) market will register growth at the most promising 22.6% CAGR over the forecast period and will emerge as the region with the most lucrative growth opportunities.

Some of the leading companies operating in the global smart cities market profiled in the report are Cisco Systems, Inc., IBM Global Business Services, AT&T, GE, Huawei Technologies Co., Ltd., Hitachi Data Systems Corporation, Ericsson, SAP SE, Philips Lighting, and Microsoft.

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