Smart City Market Overview:
The concept of a smart city refers to an urban development vision that encompasses the optimization of the efficiency of the city’s operations and services. Rapid urbanization, use of big data analytics and artificial intelligence for data management, and rising adoption of IoT are deemed to push the smart city market. Development of smart city includes the use of IT for the advancement of critical city infrastructure, including the development of smart transport, smart water, smart building, smart energy, smart education, smart security, smart governance, and smart healthcare.
With the proliferation in urbanization, the need for smart cities is latent. Significant diversification in demand for smart cities concept and tools has been projected to occur due to supportive government initiatives relating to the research and development activities. Better internet connectivity is also predicted to contribute vitally to the growth of the global Smart City Market.
The smart city vision is also predicted to face some restraints in a seamless application. Lack of telecommunication and network infrastructure, sluggish technological advancements, and lack of awareness towards smart technologies like IoT and artificial intelligence are seen stunting the adoption of smart devices in developing countries, hence, hampering the growth of the market.
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Major Key Players:
Some of the most prominent players in the smart cities market, as profiled by Market Research Future (MRFR) include Huawei Technologies Co Ltd. (China), IBM Corporation (U.S.), Cisco Systems, Inc.(U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Oracle Corporation (U.S.) Microsoft Corporation (U.S.), Schneider Electric SE (France), Hitachi Corporation (U.S.), and Ericsson (Sweden).
The global smart city market is segmented by components and application. Based on components, the smart city market is segmented into hardware, software, and service. The hardware segment is prognosticated to account for the largest share in the smart city market with 30.65% CAGR. Whereas, the software segment is estimated to showcase the fastest growth during the forecast period.
The hardware segment is showcasing market domination due to a rise in the demand of hardware components necessary for data collection and analysis. By application, the smart city market is segmented into utility, transport, government, residential, education, and healthcare. The transport segment is expected to garner the highest growth during the forecast period, with up to 30.35% CAGR.
Detailed Regional Analysis:
The global smart cities market is regionally segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). North America is anticipated to hold the biggest share in the smart city market. Factors attributable to such domination include a high adoption of IoT, development of high-end infrastructure, and increasing focus towards saving energy. Also, the availability of efficient network connectivity allows seamless integration of the smart city initiatives in North America. The Asia Pacific is projected to showcase the fastest growth with China and India taking the lead in the region. Such growth can be because of the increasing initiatives and rising investment initiated by the government in the region.
Further, the growing exodus of people towards cities is projected to contribute significantly to the smart cities market in the region. China has 500 smart city pilot projects, the highest in the world, which covers both, small and large cities. Whereas, India has a total of 731 smart city projects that were approved, worth INR 46,000 crores approximately. Investments by the Government of India, in smart cities projects, are aimed at spurring up multiple departments like transportation, energy, as well, public security.
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Industry players in the smart city market are predicted to use their primary resources to initiate long-lasting growth changes effectively. Volume-driven growth trends have been projected by the market with the development of various product types.
Acceleration of growth in the sector is witnessed due to the industry going through significant changes. Maintenance of financial flexibility to invest in optimal strategies and assurance of ongoing process improvements can harness substantial long-term growth opportunities for the smart city market.
March 2019: Foxconn signed a memorandum of understanding with the city of Racine outlining a partnership for the development and implementation of smart city technology.
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