Smart Cities Market To Lead Worldwide By 2026

With the increasing population shifting to urban areas, an inevitable strain is being put on the resources. Government of various countries are thus focusing on creating a healthier and smarter environment by implementing new technologies such as Internet of Things (IoT), advanced networking technologies and intelligent data-management.

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A smart city is a framework for urban development by implementing these new technologies for efficient energy, water management, smart mobility and security, focusing on improving the life of residents. Rising awareness towards energy conservation and green infrastructure is paving way for smart cities.

According to United Nations, global urban population in 2015 was 54% which is expected to increase to 66% by 2050. This will put pressure on available resources creating congested landscapes giving rise to issues including climate change, high energy consumption, water scarcity, and other economic and social problems. Smart cities implement new technologies which ensure optimal utilization of available resources along with providing superior connectivity and healthy lifestyles and not be hit by resources scarcity. Thus, rapid urbanization is the major driver for development of smart cities.

Also, there is an increasing need to improve energy infrastructure in developed and developing countries. The outdated designs of these infrastructures are not suitable for handling growing power requirements which is having significant impact on households and businesses. Smart cities provide improved infrastructure for optimal utilization of energy, thus controlling energy wastage.

However, integration of new technologies within existing infrastructure is a major concern for the smart cities’ market players. The existing infrastructure might not support new technologies hence needing to replace the old infrastructure with new one, thereby increasing the cost. Further, new innovative technologies have high risk for investment and unsecure ROI, thereby creating constraints for smart cities market.

Some of the prominent players in the Smart Cities market include: AT&T, Cisco, Ericsson, General Electric, Hitachi, Huawei, IBM, Microsoft, Oracle, Panasonic, Philips, SAP, Schneider Electric, Siemens and Toshiba.

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Many new clean technology startups are realizing opportunities in the smart cities market, thus many of them have started rebranding themselves as smart city companies. They are targeting their existing products and services for smart city applications. Many venture capital firms are planning to invest significant amount of capital in smart city companies, which is a good news for clean tech startups. As per Bloomberg, Q3 of FY2016 witnessed an investment of US$ 741 million in clean tech start-ups across 65 deals.

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