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- Smart Cities Market Segmented By Hardware, Software, Services Components in Smart Security, Smart Building, Smart Transportation, Smart Governance, Smart Energy, Smart Healthcare, Smart Water Network System, Smart Education, smart metering for water and utilities, smart mobility, smart solid waste management, smart street lighting, smart farming, and integrated traffic management systems.
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.
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- Cisco Systems, Inc.
- Microsoft Corporation
- IBM Corporation
- General Electric
- Huawei Technologies Co., Ltd.
- Oracle Corporation
- Panasonic Corporation
- Siemens AG
- Schneider Electric
- Hitachi Vantara
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 sensors 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.
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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.t.
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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 marke
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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.
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.
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
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?