The increasing government initiatives, and rising adoption of connected and smart technologies are major factors expected to drive the growth of the smart cities market
The global smart cities market size is expected to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. There is an upsurge in theadoption rate of advanced technologies across businesses. The development in 5G and NB-IoT technologies is expected to drive the growth of the smart cities market. With advancements, smart governments and other sectors would become highly intelligent and self-governing. For smart transportation, the 5G and NB-IoT technologies-based solutions would collect data from multiple sources and share it with a centralized control center by leveraging the benefits of cloud. Such advanced technologies are not only used to enrich the lives of citizens, but also in other areas such as security, privacy, and environmental sustainability.
Among focus areas, the smart citizen services segment is expected to account for the highest market share during the forecast period
Smart citizen services comprise smart education, smart healthcare, smart public safety, smart street lighting, and e-Governance. These services improve the overall efficiency and quality of life of individuals in a city. Smart education helps students learn effectively by removing or minimizing time and distance constraints. Smart healthcare provides better healthcare solutions to citizens. Smart public safety and smart street lighting enhance the daily life experience of the citizens. This chapter provides a detailed overview of various smart citizen services solutions available in the market.
Among smart transportation, the roadway segment is expected to dominate the market during the forecast period.
It is often referred in context with the use of information and communications technology in road transport, including infrastructure and traffic management, as well as, in interfaces with the other modes of transport. Despite the rapid technological advancements in the automobile sector and the mobile devices sector, as well as, the emerging concept of connected vehicles, there have been no significant changes in the existing asphalt roads. With the growing number of urban demographics and increasing traffic congestions, it has become essential to innovate and improve the driving experience, particularly with respect to increasing road safety and reducing the cost overheads, which runs to billions of dollars, due to heavy traffic. Considering this, the US government and other major economies across Europe, as well as, certain parts of APAC have initiated or planned robust traffic management projects to ease traffic congestion, which is expected to be implemented in the next 5 to 10 years
Among regions, Asia Pacific (APAC)is expected to grow at the highest CAGR during the forecast period
APAC is expected to hold the highest CAGR among all regions, owing to the increasing adoption rate of IoT and rising demand for intelligentand smart solutions, while North America is expected to be the major contributor to the smart cities market. The increasing citizen empowerment and engagement is the major growth factor expected to drive the growth of the smart cities market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the smart cities market.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%
- By Designation: C-Level – 55%Directors – 40%,andOthers – 5%
- By Region: North America – 30%, Europe – 35%, APAC – 25%, and RoW–10%
The key vendors profiled in the report are as follows:
- Cisco Systems (US)
- IBM (US)
- Siemens AG (Germany)
- Microsoft (US)
- Hitachi (Japan)
- Schneider Electric (France)
- Huawei (China)
- Intel (US)
- NEC (Japan)
- GE (US)
- Fujitsu (Japan)
- Oracle (US)
- SAP SE (Germany)
- Ericsson (Sweden)
- ABB (Switzerland)
- Honeywell (US)
- Vodafone (UK)
- Verizon (US)
- TCS (India)
- Alibaba (China)
The smart cities market has been segmented based on focus areas (smart transportation, smart buildings, smart utilities, and smart citizen services) and region. A detailed analysis of the key industry players has been undertaken to provide insights into their business overviews; services; key strategies; new service launches; partnerships, agreements, and collaborations;business expansions; and competitive landscape associated with the globalsmart citiesmarket.
Reasons To Buy the Report
The report would help the market leaders/new entrants in the following ways:
- It comprehensively segments the smart cities market and provides the closest approximations of the revenue numbers for the overall market and itssubsegments across regions.
- It would help stakeholders understand the pulse of the market and provide information about the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, new service developments, partnerships, and acquisitions.