Information Communication and Technology Reports China Smart Cities Market Report

China Smart Cities Market projected to reach USD 59.9
billion by 2023 from USD 30.4 billion in 2018, at a CAGR
of 14.5%
According to a new market research report "China Smart Cities Market by ICT Components (Hardware, Software,
Services), Segments (Smart Infrastructure, Smart Transportation, Video), Market Overview, Trends, Vendor
Ecosystem Analysis, and Smart Cities Initiatives - Forecast to 2023” , published by MarketsandMarkets™, The
China smart cities market is projected to reach USD 59.9 billion by 2023 from USD 30.4 billion in 2018, at a CAGR of
14.5% during the forecast period.
Growth in this market is mainly driven by the increase in population, need for rapid urbanization, and
governments’ investment and several policies to speed up the successful implementation and development of
smart cities projects.
Browse and in-depth TOC on “China Smart Cities Market”
15 - Tables
47 - Figures
163 - Pages
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The smart infrastructure segment has the largest market share and is growing at the third highest CAGR during
the forecast period.
Continuous developments in mobile apps that are based on advanced technologies, such as Fifth Generation (5G),
Internet of Things (IoT), and cloud computing, and IT outsourcing are the booming areas within the software
segment of China Smart City. Moreover, Zhongguancun, Beijing, Shanghai, and Hangzhou are the regions posing an
increasing trend for the software segment.
MarketsandMarkets expects the China Smart Cities Market to grow from USD 30.4 billion in 2018 to USD 59.9
billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The development
of smart cities initiatives by governments, the grants and investments provided by the governments, and the need
of rapid urbanization are some of the general drivers for the growth of the smart cities market in China. Apart from
these drivers, institutional support, National Development and Reform Commission (NDRC) plans, and the ongoing
pilot smart cities projects are expected to propel the market growth.
The video segment is expected to grow at the highest CAGR from 2018 to 2023. China is making progress in terms
of improving the surveillance of its people by introducing capabilities, such as Artificial Intelligence (AI), and facial
and gait recognition. The video camera segment is expected to grow at a higher rate during the forecast period.
China is more focused on surveillance systems that connect security cameras nationwide via a cloud to the
database of every person’s facial ID profile and a file of their personal details. Hangzhou-based Hikvision, a video
surveillance company, is one of the prominent players in the CCTV cameras and video surveillance equipment
industry. In 2015, the Ministry of Public Security launched a project, aiming to establish a giant facial recognition