In this fast-growing environment, companies are increasing investments in internet of things (IoT) and innovation. In Smart City market innovation is a key driver. In this changing environment with an increase of demands of efficient city networks, citizen friendly government, integrated security & safety and others there is a need to adopt and execute the smart city projects. The increasing focus of government in building smart cities is predicted to drive Smart City Market.
The Smart City systems are developing rigorously to overcome some of existing issues such as congestion, increasing population, lack of good quality and safe public city, reduced road safety concerns, inadequate capacity of manage public city, poor traffic management, parking issues and others. The study indicates a need for large capital would be the restraining factor for smart city market.
The Smart City Market is growing rapidly over 19% of CAGR and is expected to reach at USD ~1363 billion by the end of forecast period.
Smart City Market Players
- Cisco Systems, Inc. (U.S.)
- General Electric Company (U.S.)
- Schneider Electric SE (France)
- Microsoft Corporation (U.S.)
- Oracle (U.S.)
- IBM Corporation (U.S.)
- Siemens AG (Germany)
- AECOM (U.S.)
- Hitachi (Japan)
- Huawei (China)
- Ericsson (Sweden)
- Toshiba (Japan)
- Accenture Plc. (Ireland)
- AT&T Inc. (U.S.)
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Smart City Market Segmentation
The Smart City Market has been segmented on the basis of application and region. On basis of application the Smart City consists of smart meter, smart parking, smart lighting, smart ticketing, smart transport, smart homes, smart buildings and others. The study indicates that the smart homes market is expected to grow progressively by the end of forecast period. The modern electric distribution system is dramatically evolving towards an intelligent integrated system. The capability for the common utility to monitor and control the electric grids at sub-second intervals using intelligent feedback loops, increases the reliability of the electric system while generating value. Thus, the utility sector is expected to dominate the smart city market.
Market Research Analysis:
Market Research Future Analysis shows that new adoptions of cloud computing, big data, evolution of wireless network, Machine to Machine (M2M) and Internet of things (IoT) would result in sudden hike in Smart City market. The major benefits of Smart City are making governance citizen-friendly and cost effective, improved safety, higher productivity and efficiency, more environmental friendliness and others. These factors would definitely increase the Smart City market very soon.
Regional analysis for Smart City market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. The study reveals that North America region would evolve as a leader in Smart City market. The study indicates large investments by North America government towards is smart city would result in rapid growth of Smart City market by the forecast period. The study reveals that Europe region followed by North America would lead the Smart City market by the forecast period. Developing economic countries from Asia-Pacific regions as China, Japan, and India would also show a great progress in the smart city market. Asia-pacific region is expected to grow exponentially during the forecast period 2016-2022.
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– Public City authorities
– Networking and Communication Service Providers (CSPs)
– Cloud service providers
– IoT device providers
– Utility companies
– Smart cities stakeholders
– Investors and consultants
– System Integrators
– Government Organizations
– Research/Consultancy firms
– Technology solution providers
– Transport agencies
Global market of intelligent road system had been valued at approximately USD 25 billion, which is expected to be at USD 48 billion by the end of the year 2022. https://www.marketresearchfuture.com/reports/intelligent-road-system-market-2579
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