Global Smart City ICT Infrastructure Market to Exhibit 17.12% CAGR 2016-2020 thanks to Rapid Industrialization Worldwide

The research study offers a detailed analysis of the global smart city ICT infrastructure market, focusing on the key growth drivers, restraints, product segmentation, major geographical segments, and the competitive landscape. The historical data and future projections have been discussed in the research study to give a clear understanding of the market.

As per the research study, the global market for smart city ICT infrastructure is projected to register a 17.12% CAGR between 2016 and 2020. The growing demand for a technology-enabled lifestyle, increased adoption of wireless technology, and rapid urbanization are some of the prominent factors anticipated to propel the smart city ICT infrastructure market across the globe. In addition, the availability of self-help smart applications, evolution of the Internet of Things, and growing interoperability standards are projected to fuel the growth of the market in the next few years. However, high cost, security concerns, and complexity of data management are the major challenges for the market players.

By components, the global market for smart city ICT infrastructure has been classified into smart security, smart building, smart grid, smart transport, smart education, smart healthcare, and smart water network. In 2015, the smart grid segment led, accounting for an 18% share in the global smart city ICT infrastructure market. The rapid growth of this segment can be attributed to the growing demand for sustainable development. In addition, the rigid government policies and growing awareness regarding energy conservation are some of the other factors fuelling the growth of the smart grid segment across the globe.

By geography, the smart city ICT infrastructure market has been segmented into EMEA, APAC, and the Americas. Among these regions, the Americas is estimated to account for the largest share in the overall market and projected to remain in the topmost position throughout the forecast period. The Americas is estimated to reach a value of US$263 bn by the end of 2020, owing to the rapid industrialization and government initiatives to promote the smart city concept. Furthermore, the APAC market for smart city ICT infrastructure is estimated to grow at a significant rate in the next few years.

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The global market for smart city ICT infrastructure is high competitive in nature owing to the presence of several well-established players in the market. In some regions, many local and regional players lead the market. However, large companies have the benefit of spending an enormous amount on research and development activities in order to introduce new technologies in the market. Some of the players active in the global smart city ICT infrastructure market are Siemens, IBM, Huawei, Cisco, AT&T, NTT Communications, Verizon Communications, China Mobile, Vodafone, Honeywell, Oracle, Hitachi, and ABB.

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