Friday 24 April 2015, Amsterdam
The report recognizes the following companies as the key players in the Global Smart Cities Market: ABB Ltd., Alcatel-Lucent SA, Cisco Systems Inc., IBM Corp. and Siemens AG
Other Prominent Vendors in the market are: GE, Hitachi, Honeywell, Intel, Schneider Electric and Toshiba.
The report said: “One of the major trends in the market is the growing public-private partnership. It helps in financing high budget projects and also improves market cash flow and investments. Public-private partnerships play a crucial role in addressing financial issues and also improve the infrastructure required for market development.”
According to the report, rapid urbanization is one key factor driving the market growth. Increased population and industrialization have led to migration from rural to urban areas. Hence, to accommodate them and provide efficient services there is a need to upgrade to smart cities.
Further, the report states that the requirement for high upfront cost for the installation of smart cities is a major challenge faced by the market. The latest smart technologies use costly high-end equipment, most of which requires high maintenance costs.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.