Smart cities refer to cities that mainly built on smart and intelligent solutions and new technologies. The main goal of smart cities is achieved by adoption of smart parameters like smart energy, smart healthcare, smart governance, smart building, smart transportation, smart education, and involvement of smart citizens. Further, the smart cities market is gaining significant growth globally owing to huge investments by public and private players, including the government of various countries across the globe. The market for smart cities is also gaining interest due to advancement in automation as well as adoption of internet of things across various industries, globally. Moreover, increasing adoption of advance technologies helps in enhancing the country’s infrastructure components that include urban mobility, public security and safety, efficient energy management and waste management.
Global Smart City Market: Key Players
The research study includes profiles of leading companies operating in the global smart city market. Key players profiled in the report include: AT&T, Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Huawei Technologies Co., Ltd., Fujitsu Ltd., Robert Bosch GmbH, SIEMENS AG, IBM Corporation, L&T Infotech, Cognizant, Intel Corporation, Microsoft Corporation and Schneider Electric SE.
Drivers for the Global Smart City Market:
According to current market condition, global smart cities market is driven by factors like increase in demand for smart governance, increase in demand for smart utility such as smart meters, decreasing cost and availability of automation technology and services and growing adoption of IoT enabled devices and related technology by public & private smart city developers, globally. Further, the increasing adoption of IoT augments in developing the monitoring systems across remote and less developed areas. Additionally, demand for smart healthcare and smart utility are also the key factors driving the growth of global smart cities market. Latest mobile and digital technologies are also escalating the demand for smart healthcare in smart cities market.
Opportunities for the Global Smart City Market:
Growing concerns for land scarcity and traffic congestion are some the key opportunities for the global smart cities market. Rapid growth in the global population, particularly in developing countries like India, has already impacted the settlement patterns of some of the large metropolitan cities. Uneven housing plan, absence of structured transportation, and lack of communication has resulted in high level of congestion and wastage of resources. With the introduction of smart applications, there lies an opportunity for cities to be built on new approach and technologies, such as proper land utilization, effective inner and outer communication, and adequate transportation facilities. Apart from this, availability of clean water through pipelines, for domestic and industrial purpose, and urban sanitization management are some of the major factors creating ample growth opportunity for the global smart cities market. Also, successful implementation of IT & communication technology within a city infrastructure is another opportunity for the growth of global smart cities market.
Restrains for the Global Smart City Market:
Increasing demand for smart cities is making the few changes in the traditional method of human beings. The technology used for improving the lifestyle is creating distance between rural and urban areas. Such as continually searching and acquiring land is the major restraint factor. Also, smart city lifestyle is highly cost effective so middle class and lower class are not going to adopt the facility of smart city. Furthermore, the rising demand for internet services is creating a cyber-crime and it the most harmful and restraining aspect.
Region Wise, Global Smart City Market Analysis:
On the basis of region, global smart city market includes North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Geographically, Asia Pacific is expected to grow at the highest CAGR during the forecast period, due to the increasing adoption rate of IoT and rising demand for intelligent and 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. Asia pacific region is followed by North America and Europe.
Covid-19: Impact and Recovery Analysis for Global Smart City Market:
The world is greatly affected by the uncertain raise of the covid-19 Pandemic among the population. The Corona virus outbreak has disrupted & disturbed every sector of business as well as human activity. In most parts of the world there has been a complete restriction set by governments regarding various activities and in turn this is greatly affecting the financial stability of industries like: smart city market globally. Most of the industries and businesses like: smart city is shifting to manufacturing equipment that can support the covid-19 spread from increasing and spreading. Among the initiatives implemented during the crisis, the Spanish city developed an internet portal that offers a disease evolution map and resources to assist people in the emergency. Real-time information about public services is also provided by an app, sending warnings related to the spread of COVID-19. Also, the globe has witnessed an increase in the adoption of smart cities technologies as governments strive to improve their resilience to the COVID-19 pandemic.
Global Smart City Market: Product analysis
Global Smart City Market: Application analysis
- Public Safety
- Lighting Solutions
Global Smart City Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East