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Smart City Market 2020-2027
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Industry Insight
The Smart City market 2020 is prompted to record a substantial CAGR during the forecast period, 2016-2022. The valuation in the future could be USD 1933 Billion of the market. The progress in the market can be observed with the rising factors from all corners of the globe. Market Research Future estimates the figures and reveals that the market will witness high growth prospects in the coming years.
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Top Impacting Factors
A smart city is a well-structures and connected city that deploys various information and communication technologies to share among the public. The idea is to improve the quality of living standards as well as citizen welfare. The concept of a smart city and its technology has been widely adopted in recent years in almost all developed regions to improve public safety. This can range from monitoring areas of high crime rates to improving emergency awareness with sensors and many more. All these factors have made the market of the smart city quite influencing and due to which it has gained substantial valuation over the last years. MRFR, in its study, predicts that the market will score well in the future on these parameters.
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At the same time, the significant adoption of security and transportation solutions among its users has made the market more opportunistic. The smart city market is expected to attain the highest growth rate during the forecast period due to this reason to a great extent. The study claims that the budding prospects in the development of the smart city that comprises of improved implementation of the internet of things (IoT), and the gain in the utilization of data analytics and artificial intelligence for data management is anticipated to fuel the smart city market applications in the future timeframe.
Furthermore, the smart city market encompasses several sectors, such as transport, healthcare, assisted living, water, security, and energy. Its implementation varies from city to city owing to the technological penetration in a particular region. The high amount of primary financial investments need for the consolidation of various departments and sectors, as well as lack of a systemic approach, is some of the factors that may have a depressing impact on the industry growth in the future. However, the smart city market size is likely to grow up rapidly in the coming years, which would be driven by the factors of availability of technology and all-inclusive participation of industry stakeholders.
Segmentation of Market: Smart City
The global smart city market, as per segmental analysis, has included segments of components and applications.
Depending on the component segment, the market has included hardware, software, and service. The study emphasized that the hardware component in the smart city is responsible for being the highest-grossing segment that is increasing with roughly 30.65% CAGR throughout the forecast period.
Depending on the application segment, the market has included transport, residential, utility, education, healthcare, government, and others. Among these, the transport sub-segment has acquired the principal market share, which is noticed to be developing with a practically 30.34% CAGR by the conclusion of the forecast period.
Regional Framework
Region-wise, the North American region has been estimated to have the leading market venture in the global smart city market, followed by the European region, while the Asia Pacific is likely to demonstrate an optimistic growth rate in the smart city market.
North America governed and led the overall smart cities market in terms of revenue since the year of 2017 owing to noteworthy adoption of smart cities solutions supported by high ICT expenditure among government organizations and high demand for connected solutions.
Asia-Pacific region is also expected to observe the highest growth rate during the estimated period owing to the factor such as a rise in IT spending supported by government initiatives in emerging countries such as Singapore, India, China, and South Korea.
Top Market Contenders
The top players in the Smart City market are listed as Ericsson (Sweden), IBM Corporation (U.S.), Oracle Corporation (U.S.) Cisco Systems, Inc.(U.S.), Huawei Technologies Co Ltd. (China), Microsoft Corporation (U.S.), Schneider Electric SE (France), AT&T Inc. (U.S), Hitachi Corporation (U.S.), Siemens AG (Germany), and more.
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