Smart Cities Market Precise Outlook 2021 – ABB Group, Schneider Electric, General Electric, Accenture
A smart city is the one that uses information and communication technology to increase operational efficiency of the city and improve both quality of government services and citizen welfare. The implementation of smart solution in different sectors such as healthcare, transportation and public services ensure a better and smarter way of living. Also, the growing need for smart housing solutions to accommodate surging population, controlling pollution and improving the economy are pushing the governments in many countries to implement various smart city projects.
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Top Companies: AT&T Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd, Huawei Technologies Co., IBM Corporation, Intel corporation, Microsoft Corporation, and Schneider Electric SE
Market Dynamics and Trends
There has been an increasing need for better management of natural resources in order to ensure environmental sustainability. This, along with rising urbanization and numerous government initiatives for the improvement of digital infrastructure are factors driving the growth of smart cities market. Also, smart city ensures reliable water and electricity supply, effective waste management and efficient city operations such as traffic management and parking management with the help of advanced passenger information system. These advantages of smart city are also contributing towards the growth of smart cities market during the forecast period.
However, lack of robust telecom and networking infrastructure in developing countries, and absence of standardized regulatory frameworks are factors hampering the growth of the smart cities market to an extent. On the other hand, advancement in the field of Artificial Intelligence (AI) is expected to provide substantial growth opportunity for the smart cities market in the coming years.
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Market Segmentations and Scope of the Study:
The global smart cities market is segmented on the basis of functional area and geography. On the basis of area of function, it is categorized into smart infrastructure, smart governance & smart education, smart energy, smart mobility, smart healthcare, smart buildings and others. Smart infrastructure is further sub-segmented into smart transportation, smart water management, smart stadium, smart public safety and security, smart lightning, and others. Smart energy is further sub-segmented into smart grid, power electronics, smart energy storage. Smart mobility is further sub-segmented into smart ticketing, smart parking and others. Smart healthcare is further sub-segmented into connected healthcare, telemedicine and others. Smart building is further sub-segmented into facility management systems, building safety and security, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.
North America holds the lion share of the global smart cities market. This is attributed to the factors such as high demand for connected solutions, low energy consumption and implementation of internet of things (IoT).
However, Asia Pacific is expected to witness the highest growth rate during the forecast period due to growth in IT spending supported by various government initiatives in emerging economies such as China, Singapore, and South Korea. Also, rising demand for intelligent solutions for energy and infrastructure management are factors propelling the smart cities market growth in this region.
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