Information Communication and Technology Reports China Smart Cities Market

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.
Key market players in smart infrastructure: Hollysys, Nari Technology, China Railway Electrification Engineering
Group
The smart transportation segment is the prime focus of smart city development in china with about 70% of
projects are concentrated towards transportation sector transformation.
The hardware market is going to cover the majority of investments in smart transportation. It is more than 80% of
the overall smart transportation market. However, the services market is the highest growing market in smart
transportation segment during forecast period. In smart transportation, majority of ICT investments are taking
place in smart mobility areas. Sharing and renting sub-market is comprises the majority of market share in smart
mobility; followed by intelligent traffic management (Automatic Number Plate Recognition (ANPR) and accident
prevention) which has the second highest market shares.
Key market players in smart transportation: Advantech, Kontron, China Railway Rolling Stock Corporation (CRRC)
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