Surge in the need for energy conservation across the globe is expected to create prodigious expansion opportunities for the global smart communities market during the forecast period of 2021 to 2031.
An upcoming study by Transparency Market Research (TMR) provides panoramic view of the global smart communities market. Thus, this document delivers inclusive assessment of prime parameters including growth drivers, current and historical trends, restraints, challenges, R&D activities, and growth opportunities in the market. Therefore, the assessment works as a dependable guide to gain actionable insights on the global smart communities market.
The research analysts have performed segmentation of the global smart communities market based on numerous parameters such as IT solution and region. On the basis of IT solution, the market is classified into smart community grid, smart community building, smart community transportation, and smart community water.
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Key Drivers of Smart Communities Market Growth
In recent years, there is a surge in the adoption of ICT solutions by smart communities around the world in order to achieve many results including decreased power consumption, curbed carbon footprints, and improved overall quality of life. Moreover, there is significant growth in awareness regarding several problems such as resource scarcity. On the back of all these factors, there is significant growth in inclination toward the development of digital infrastructure services, which help in resources conservation. This factor is resulting into generation of promising growth opportunities for companies operating in the global smart communities market.
With increased use of different electronic devices for home as well as for entertainment purposes, there is noticeable growth in the demand for energy across the globe. Moreover, there is surge in the adoption of smart grid technologies as they allow for smart power management systems and support in reduction and management of power consumption.
A surge in adoption of IoT around the world is projected to boost growth prospects in the global smart communities market. In recent years, there is rise in the adoption of IoE, which is a superset of IoT technologies. The technology is utilized to connect processes, people, data, and things with the help of a centralized system, which connects IT systems as well as applications. The popularity of IoE technology is growing owing to its ability to offer a platform where an individual can connect to social networking sites using the Internet for community development purposes.
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Competition Landscape of Smart Communities Market
The global smart communities market experiences fairly fragmented nature and high levels of competitions. Moreover, the market is expected to observe increased levels of competitions owing to entry of new players in the forthcoming years.
Companies are executing diverse strategic moves to stay ahead in the competition. Some of the prime strategies used by players in the global smart communities market include regional expansions, joint venture, partnerships, mergers, acquisitions, and collaborations.
The list of key players in the global smart communities market includes:
- IBM
- Cisco
- Schneider Electric
- Toshiba
- Siemens
Regional Outlook for Smart Communities Market
In terms of region, the global smart communities market shows presence in three regions, namely, APAC, EMEA, and Americas. Of them, Americas is one of the dominating regions of the market for smart communities. The Americas market growth can be attributed to many factors such as surge in the adoption of smart city concept and improved disposable income of major population in the region.