Press release
Smart Cities Market To Witness Incremental Dollar Opportunity Of US$ 900 Bn In The Next 10 Years
However, lack of infrastructure development in various countries of the Middle East & Africa and Latin America, coupled with high price point associated with replacement of existing infrastructure with smart infrastructure, will remain thee key factors limiting the growth of smart cities market.
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Key Takeaways - Smart Cities Market Study
• Providers of smart cities solution are eyeing expansions in Asia Pacific due to increasing adoption of digital technology and rising demand for smart solutions.
• Governments are focusing on integrating cloud, mobile, and Big Data technologies in new smart cities to streamline projects and generate new revenue streams.
• Continuous implementation of devices and technologies, such as sensors, cameras, robots, IoT, and artificial intelligence (AI), is resulting in a connected environment.
• Smart security application in smart cities is projected to increase at a CAGR of ~22% during the forecast period.
As the smart cities market is continuously becoming more competitive and diverse, continuous developments of the digital ecosystem in and around cities will create potential opportunities for businesses and governments to deploy new services and solutions. Moreover, public private partnerships and collaborations aiming at delivering infrastructure and services specific to smart cities will shape the market growth through specialized skills and high capital investments.
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Focus of Key Players on Product Innovation
Key players in the smart cities market are
• Cisco Systems
• AT&T
• Microsoft Corporation
• IBM Corporation
• Ericsson
• Siemens AG
• Schneider Electric
• Huawei Technologies
• General Electric
• Signify
They captured around 45-50% of the total market share in terms of value in 2018. These companies are focusing on product innovations through partnerships and collaborations with local and regional players to enhance their geographic footprints. In January 2019, Cisco Systems formed a partnership with Iteris to deploy an edge-processing IoT solution in the city of Las Vegas, improve traffic flow, and reduce congestion.
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