Smart Cities: Increasing Awareness and Adoption of Home Safety and Security Systems Boosting Market Growth of Smart Security Application Segment
The main components of a smart city consist of building, transportation, energy, healthcare, education, security, water network system and governance. There is a huge investment potential in these sectors in order to enable them to be smart and people centric.
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Persistence Market Research forecasts the global smart cities market to grow from US$ 540.6 Bn in 2015 to US$ 3,482.2 Bn by 2026. The market is projected to witness a CAGR of 18.8% during the assessment period. A large amount of investment is being made in the first half of the forecast period due to which the market is expected to witness a high growth rate.
Key takeaways of the application segment of the global smart cities market are high growth rate is expected in the first half of the assessment period due to major investments being made by governments in various smart cities technologies.
The first half of the forecast period will witness installation of a large number of smart cities solutions across all the regions, thereby leading to a high growth rate. Smart energy segment accounted for the largest revenue share and was valued in excess of US$ 100 Bn in 2015. However, the smart security segment is expected to overtake this segment by 2026 end, accounting for 4% of the global revenue share
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High deployment rate of smart meters, SCADA systems, energy storage devices and electric distribution technologies will drive the smart energy segment during the projected period.
Persistence Market Research forecasts revenue from the smart energy segment in the global smart cities market to increase from more than US$ 115 Bn in 2016 to nearly US$ 545 Bn in 2026, representing a CAGR of 16.7% from 2016 to 2026. Increasing need for energy conservation and reduction in carbon emissions is creating high demand for energy efficient technologies. Technologies such as smart grids supply energy more efficiently while reducing the carbon footprint.
One of the most important drivers for the smart building segment is increasing demand for smart homes.
Persistence Market Research forecasts revenue from the smart building segment in the global smart cities market to increase from more than US$ 70 Bn in 2016 to more than US$ 520 Bn in 2026, representing a CAGR of 22.1% from 2016 to 2026. Decreasing cost of sensors is encouraging their deployment in building automation and building management systems, resulting in significantly high growth of the smart building segment
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