MarketsandMarkets forecasts the global Smart Cities Market size to grow from USD 457.0 billion in 2021 to USD 873.7 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.8% during the forecast period. Growing urbanization, need for efficient management and utilization of resources, demand for fast and efficient transport and commuting, public safety concerns, and increasing demand for a healthy environment with efficient energy consumption are the key factors for growth of the Smart Cities Market.
By Smart Building Solutions, the Safety and Security Management segment to hold the largest market size during the forecast period
The Safety and Security Management segment of the Smart Cities Market is projected to hold the largest market size in 2021. The Safety and Security Management solution is further divided into Access Control System, Video Surveillance System, and Safety System. Safety and Security management systems mainly deal with security-related operations of buildings that help authorities or administrators to respond to emergency situations quickly. The system handles every phase of the emergency response, from logging the emergency situation to informing the appropriate personnel about the size and severity of the incident, so that quick and effective response can be ensured.
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By Smart Transportation Solutions, the Passenger Information segment to grow at the highest CAGR during the forecast period
Under the Smart Transportation Solutions, the Passenger Information sub-segment is expected to grow at the highest CAGR during the forecast period. Passenger Information Systems provide real-time information on transit services, such as current location, estimated arrival and departure time, and the causes for disruption. Along with system reliability, safety, and general appearance, the ability of operators to provide accurate and current information on arrival and departure times offers passenger satisfaction.
The key and emerging market players in the Smart Cities market include Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Itron (US), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherland), Kapsch (Austria), Mototola (US), GE (US), Google (US), TCS (India), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherland), AppyWay (UK), and KETOS (US). These players have adopted various strategies to grow in the Smart Cities market.
Cisco is one of the leading providers of Smart Cities solutions. Cisco is engaged in providing hardware, software, networking, and system communication technology based products and services. The company supports its various Smart City projects with its Smart and Connected solutions portfolio, which assists the city leaders in addressing urban challenges like traffic congestion, overcrowding, pollution, resource constraints, and inadequate infrastructure. In February 2020, Cisco partnered with Kloudspot to provide safer and smarter workspaces with the help of cisco video analytics, the Kloudspot platform can provide occupancy monitoring, automated triggers, and PPE compliance monitoring.
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Siemens is one of the global market leaders in industrial automation. The company offers a wide array of IoT solutions for smart buildings, smart transportation, and smart grids. The smart building solutions include the Building Automation System (BAS) which provides a centralized and intelligent energy handling with innovative energy-saving. For smart transportation, Siemens provides traffic control center platforms, parking space management solutions, toll systems, road services, urban traffic technologies, eBus/eBRT, and integrated smart parking solutions. In October 2021, Siemens Mobility, a subsidiary of Siemens, acquired Squills, a leading provider of Software as a Service (SaaS) for inventory management, reservation, and ticketing software. This strengthened Siemens’ portfolio of innovative, smart, and comprehensive mobility solutions.
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