Press release
Smart Cities: A Vision for an Inclusive, Accessible Urban Future 2026
Key Market Players
IBM Global Business Services, Cisco Systems, Inc., AT&T, Ericsson, GE, Hitachi Data Systems Corporation, Huawei Technologies Co., Ltd., Microsoft, Philips Lighting, and SAP SE constitute some of the top players competing for a dominating share in the global smart cities market.
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Global smart cities market to be a trillion dollar market by 2026
Leveraging the power of information technology, advances in communication and the Internet of Things, smart cities will be at the vanguard of intelligent and environmentally sustainable living in which all the facets like transportation, healthcare, security, water supply, waste management, etc. are interconnected to make the city a better place to live. Essentially, the main idea of a smart city is to make the entire functioning and governance of a city people centric so that people can directly participate in the key decisions affecting the city and get their grievances resolved by the power of ICT as soon as possible.
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. Billions of dollars are going to be spent in these and other sectors in order to make any city smart. Persistence Market Research in this report has quantified the region wise investment potential in the smart city arena. In the sections below, we shall take a sneak preview of the sectors that are going to power the global smart cities market.
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Highlights: Key Drivers
Backed by favorable government initiatives, brisk urbanization will continue to popularize the concept of smart cities worldwide.
Exploding vehicular parc and soaring need for improved energy infrastructure are also grasped among the top drivers to the global smart cities market growth.
Although developing countries will continue to face challenges with proper networking infrastructure and funding, rapid digitization and integration of new technologies in existing infrastructure, are likely to gradually provide an optimistic outlook to the overall market growth.
The market is currently driven by public-private partnerships, crowdfunding, and other emerging funding options.
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