Smart Cities Market

Siemens AG (Germany) and Verizon (US) are leading players in Smart Cities Market

A smart city can be defined as a city that efficiently deploys its Information and Communication Technology (ICT) infrastructure to improve the quality of life and augment the efficiency in urban operations and services. Smart cities offerings are used to ensure the economic, social, and environmental needs of present and future generations. MarketsandMarkets forecasts the smart cities market size to grow from USD 308.0 billion in 2018 to USD 717.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period.

In the smart cities market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc. (US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell International Inc. (US), SAP SE (Germany), KAPSCH Group (Austria), and AGT International (Switzerland). These players have adopted various strategies to grow in the global smart cities market.

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Siemens AG is a high-end provider of hardware, software, networking, and communications technology-based products and services. It provides various smart transportation products and solutions, including rail automation, Communication-Based Train Control (CBTC), traffic control center, urban traffic control, parking space management, tolling, and integrated smart parking. It offers a wide range of solutions, such as the Building Automation System (BAS). In July 2018, Siemens signed a Memorandum of Understanding (MoU) with Alibaba Cloud to deploy Siemens’ MindSphere portfolio in Mainland China for industrial IoT.

Verizon is one of the biggest players in the telecommunications industry, which covers mobility, IoT, networks and internet-based solutions, IT solutions and cloud, and business communications and security. Verizon’s Smart Communities solutions help municipalities and organizations quickly and cost-effectively support the initiatives for managing roadways, utilities, and transportation systems. Verizon offers one of the reliable 4G LTE networks, which are used to integrate the ecosystem of IoT and wireless network technologies for deploying products in the smart cities market. In August 2018, Verizon partnered with Apple and Google as video streaming partners for its residential 5G rollout in 4 American cities, namely, Sacramento, California, Houston, Los Angeles, and Indianapolis.

Related Reports:

Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Type, Solutions and Services), Smart Citizen Services, and Region - Global Forecast to 2023

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Report Code
TC 3071
Published ON
Jan, 2019
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