The research study involved four major activities in estimating the smart cities market size. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to for identifying and collecting information for the study. The secondary sources included annual reports, press releases, investor presentations of companies, white papers, certified publications, and articles from recognized associations and government publishing sources. Several journals and associations were referred to, such as the US Department of Transportation, SmartAmerica Project, European Innovation Partnership on Smart Cities and Communities (EIP-SCC), European Business and Technology Centre (EBTC), and Smart Cities Council India. Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations providing smart city solutions. The primary sources from the demand side included end users, such as Chief Information Officers (CIOs), consultants, service professionals, technicians and technologists, and managers at public and investor-owned utilities.
In the market engineering process, top-down and bottom-up approaches and several data triangulation methods were extensively used to perform market estimation and market forecasting for the overall market segments and subsegments listed in the report. Extensive qualitative and quantitative analyses were performed on the complete market engineering process to list key information/insights throughout the report.
After the complete market engineering (including calculations for market statistics, market breakup, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information. Primary research was undertaken to identify the segmentation types, industry trends, key players, the competitive landscape of different market players, and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies.
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Market Size Estimation
In the market engineering process, top-down and bottom-up approaches and multiple data triangulation methods were used to estimate and validate the size of the smart cities' market and other dependent submarkets. The research methodology used to estimate the market sizes includes the following:
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Initially, MarketsandMarkets focuses on top-line investments and spending in the ecosystems. Further, significant developments in the critical market area have been considered.
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Tracking the recent and upcoming developments in the smart cities market that include investments, R&D activities, product launches, collaborations, mergers and acquisitions, and partnerships, as well as forecasting the market size based on these developments and other critical parameters.
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Conduct multiple discussions with key opinion leaders to know about diverse types of authentications and brand protection offerings used and the applications for which they are used to analyze the breakup of the scope of work carried out by major companies.
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Segmenting the overall market into various market segments
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Validating the estimates at every level through discussions with key opinion leaders, such as chief executives (CXOs), directors, and operation managers, and finally with the domain experts at MarketsandMarkets
Market Size Estimation Methodology-Bottom-up approach
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Market Size Estimation Methodology-top-down approach
Data Triangulation
The smart cities market has been split into segments and sub-segments after arriving at the overall market size from the abovementioned estimation process. Where applicable, data triangulation and market breakdown procedures have been used to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments. The data has been triangulated by studying various factors and trends from both the demand and supply sides.
The smart cities market size has been validated using top-down and bottom-up approaches.
Market Definition
A smart city is a city that efficiently deploys its Information and Communications Technology (ICT) infrastructure to improve the quality of life, along with augmented efficiency in urban operations and services. This guarantees that the present and future generations' economic, social, and environmental requirements are addressed. An existing city can be considered smart only if it adheres to the following components: smart transportation, smart buildings, smart utilities, and smart citizen services. Therefore, for the market analysis, smart homes, energy management, building and industry automation, smart transportation systems, water management systems, healthcare, and digital education systems were considered.
Stakeholders
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National/State Governments
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Municipal Authorities
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Real-estate Developers
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Information Technology (IT) Solution Providers
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Platform Providers
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System Integrators
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Telecom Service Providers
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Networking Solution Providers
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Utility Companies
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Transportation Service Providers
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Independent Software Vendors (ISVs)
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Network Equipment Providers
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Communication Service Providers (CSPs)
Report Objectives
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To determine and forecast the global smart cities market based on focus areas: smart transportation, smart buildings, smart utilities, smart citizen services, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
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To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
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To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market.
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Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall market.
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To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the smart cities market.
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To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscape.
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Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the report:
Geographic Analysis
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Further break-up of the Asia Pacific market into countries contributing 75% to the regional market size
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Further break-up of the North American market into countries contributing 75% to the regional market size
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Further break-up of the Latin American market into countries contributing 75% to the regional market size
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Further break-up of the Middle East African market into countries contributing 75% to the regional market size
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Further break-up of the European market into countries contributing 75% to the regional market size
Company Information
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Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Smart Cities Market