Global Market Study on Smart Cities: Massive Potential Resides in Asia Pacific


Smart Cities  Market
  • Published On : Nov-2019 |
  • Pages : 265 Pages |
  • Format : Smart Cities  Market Smart Cities  Market Smart Cities  Market Smart Cities  Market

Rising urbanization, growing demand for advanced technologies such as IoT & 5G, and government initiatives towards improving digital infrastructure are key factors driving the growth of the smart cities market. Development of smart cities is enabled, integrated, and powered by increasing penetration of digital technology.

Greater Emphasis on Energy Conservation and Infrastructure Development

Advancement of energy infrastructure is one of the key factors for any economic development. Some countries are facing threats in terms of reliability of grids and maintenance of their ageing energy infrastructures. Smart cities offer improved infrastructure for the optimal utilization of energy and enhance the energy efficiency by implementing smart energy grids and technologies. Thus, this increasing employment of smart grids is expected to propel the growth of the smart cities market.

Currently, the smart cities market is witnessing high investment for smart security, smart metering for water & utilities, smart mobility, smart solid waste management, smart street lighting, smart farming, and integrated traffic management systems.

Advent of Disruptive Technologies

Hyper-connectivity is trending as it provides a form of active interaction between people and devices. The gradual evolution of Internet of Things allows billions of devices to connect and interact, thus having a positive impact in boosting the growth of the smart cities market. Furthermore, the advent of disruptive technology has been recognized as critical component in smart cities by governments. It helps in developing strategies as governments incorporate these technologies to solve metropolitan challenges such as rising power usage, safety, productivity, environment-friendly transportation, water distribution & management, and protection/security against crime & terrorism. Apart from this, rising adoption of technologies such as cloud, fog, and edge computing, Big Data Analytics, and AI (Artificial Intelligence) is also creating potential growth opportunities for the smart cities market.

Increasing Private-Public Relationship

Maintaining a relationship between public and private entities helps in reshaping how smart digital infrastructure will be developed, financed, and delivered in years to come. Increasing collaborations between public and private sectors with the goal of delivering smart cities specific services and infrastructure are key factors fueling the growth of the smart cities market. In recent years, collaborations help suggest and recommend wide range of technologies and solutions to notify vision or functionality of smart cities.

  • For instance, in May 2018, AT&T and San Jose signed a deal worth an estimated US$ 1 million to extend Wi-Fi coverage and build smart city infrastructure across 14 parks around the city. This public private partnership helps in improving the lighting and public safety in the city, along with minimizing environmental impacts.

Apart from this, government organizations across the globe are taking various steps to initiate smart cities project and are partnering with major technology companies for implementing IoT across urban cities. These partnerships and collaborations with technology vendors for the development of IoT applications are generating potential growth opportunities for the smart cities market.

Asia Pacific Excluding Japan to Display Noteworthy Opportunities

Cities in Asia Pacific Excluding Japan are characterized by large population and are witnessing rise in income levels and lifestyle changes. This results in mass migration to cities in APEJ and development of infrastructures and resources. Growing adoption of advanced technologies, powered by digitalization, is projected to surge the growth of the smart cities market.

Furthermore, several countries in APEJ, such as Singapore, China, India, and South Korea, are implementing smart city projects over the last few years. For instance, in 2017, there were approximately 500 cities at various stage of development in China with an estimated market value of US$ 95 Bn. Therefore, this implementation is considered as one of the major factors boosting the growth of the smart cities market.

Analyst’s Viewpoint

A comprehensive view of the smart cities market has led our analysts to conclude that, the smart cities market is witnessing rapid growth and is expected to expand at a CAGR of ~18% during the forecast period. Currently, North America is the most dominating region as it captures substantial share of ~33% in the global smart cities market. However, Asia Pacific Excluding Japan is expected to show high growth rate by the end of 2029, owing to increasing adoption of digital technologies, rising urban population, and increasing public-private partnerships.

Persistence Market Research (PMR) recently published a new research study on the smart cities market for the assessment period of 2019-2029. It offers a close look at evolving aspects of the smart cities market as well as dynamics impacting market growth. The research study focuses on key developments in the smart cities market and other developments that are on the cards. The report talks about various macro- and micro-economic factors responsible for having an in-depth impact on the growth of the smart cities market.

The market overview provides growth scenario and market potential with maximum precision, which is adjudged with suitable assumptions. The report features unique and relevant factors that are expected to create a significant impact on the smart cities market during the forecast period. This report includes a detailed and considerable amount of information, which will help new solution providers in the most comprehensive manner for better understanding.

Several stakeholders in the smart cities market can rely on the data offered in this research study and delve into pragmatic decision-making. Moreover, information offered in the smart cities market report also help new market entrants expand their bases in the smart cities market.

The report elaborates historical and current trends molding the growth of the smart cities market. The performance journey of the smart cities market has been drawn and analyzed in way that the lucrative side of the market is evident to readers. The competitive landscape presented in the smart cities market report gives a detailed outlook of profiles of key companies operating in the market, along with their differential strategies and key focus areas.

Smart Cities Market: Segmentation

PMR’s research study on the global smart cities market offers a detailed market segmentation, wherein key segments have been discussed in detail. The segmentation of the smart cities market has been offered on the basis of component, application, and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.

Component

Application

Region

Hardware

Smart Security

North America

Software

Smart Building

Latin America

Services

Smart Transportation

Western Europe

Smart Governance

Eastern Europe

Smart Energy

Asia Pacific Excluding Japan

Smart Healthcare

Japan

Smart Water Network System

Middle East and Africa

Smart Education

Smart Cities Market: Key Questions Answered in Report

The research study on the smart cities market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. Various insights offered in the report answer some salient questions that assist stakeholders in gauging all emerging possibilities in the market.

  • How has rapidly changing business environment acts as major growth engine for the smart cities market?
  • What are key trends that are constantly shaping the growth of the smart cities market?
  • Which are prominent regions offering plentiful opportunities for the smart cities market?
  • What are differential strategies adopted by key players to command a significant chunk of the global market share?

Smart Cities Market: Research Methodology

A unique and promising research methodology forms the base of the smart cities market. The report has been prepared after a comprehensive analysis of market happenings, and riveting insights have been compiled meticulously. The research methodology of the smart cities market has been a two-step process that comprises of primary and secondary research. Key stakeholders, which include smart cities solution & service providers and network service providers, experts of several designations, including executive vice presidents, directors, service engineers, technical advisors, GM marketing professionals, and sales professionals have been interviewed.

Secondary sources referred to garner report findings include investor presentations of top players, World Bank, government websites, press releases, and many other credible sources.

Companies covered in Smart Cities Market Report

  • Cisco Systems, Inc.
  • Microsoft Corporation
  • IBM Corporation
  • General Electric 
  • AT&T
  • Ericsson
  • Huawei Technologies Co., Ltd.
  • Oracle Corporation
  • Panasonic Corporation 
  • SAP
  • Siemens AG
  • Schneider Electric 
  • Signify 
  • Hitachi Vantara 
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