Smart Cities Market Analysis - Forecast Period 2023-2027
On analysis of the Smart City Market, it was observed that it will see a positive growth globally. This conclusion was made after through examination of the growth prospects of the market across several regions including APAC, Europe, MEA, North America, and South America. The smart city market is estimated to grow at a CAGR of 24.53% between 2022 and 2027. The size of the market is forecast to increase by USD 288.7 billion. The growth of the market depends on serval factors, including the increase in IT consolidation and modernization, enhanced global broadband connectivity, and growing investment in smart cities.
The increase in IT consolidation and modernization are notably driving the market growth, although factors such as the high cost of upgrading smart grids may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The smart city market report also provides several other key information including:
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will drive smart city market growth during the next five years
- Precise estimation of the smart city market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the smart city market industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of smart city market vendors
To get the detailed analysis of various market segments, vendors and other exclusive market insights, request for the FREE sample of the report now!
