Smart City Market Overview
The rise in the adoption of smart living is
highly progressing in today's generation. The smart cities concept has become
popular due to the increased awareness of smart stuff by which people lead
convenient lives. Moreover, the Smart City Market is highly driven by
increased investments by the governments, central and federal governments, and
dedicated governing organizations. Other factors like financing and funding
models, infrastructure investments, technological ecosystems, and governance
arrangements are playing prominent roles in the deployment of smart cities,
which will fuel up the market's growth during the forecast period.
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Smart
City Market Key
Players
Eminent players profiled in the global smart city market report
include Honeywell Corporation (the US), Huawei Technologies Co Ltd. (China),
Siemens AG (Germany), Cisco Systems Inc. (US), Schneider Electric SE (France),
IBM Corporation (US), Siemens AG (Germany), AT&T Inc. (US), Ericsson
(Sweden), Oracle Corporation (US), Hitachi Corporation (Japan) and Microsoft
Corporation (US).
Smart
City Market Segmentation
The Smart City Market is
segmented based on application, transport, and residential. The application
part of the market is further classified into smart meters, smart lighting, and
smart waste management. The transport segment comprises smart parking, smart
ticket, smart transportation, while the residential segment is categorized as
smart building, healthcare, education, and government.
The smart transportation segment is dominating
the market in recent years due to huge sales compared to other segments. The
growing demand for ITS to provide real-time traffic information to drivers and
passengers is fueling up the market. Through the implementation of smart
transportation, officials easily respond to emergencies more quickly, which
improves traffic efficiency. The deployment of these systems improves traffic
management efficiency, decreases travel time, and encourages people to use
public transportation.
Smart transportation includes an
intelligent transport system, smart ticketing, travel assistance, and parking
management.
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COVID-19
Impact Analysis
The
COVID-19 pandemic has brought into focus the need for a robust infrastructure
to deal with uncertainties. Priority on hospitals and the effect on global
economic growth due to the pandemic can drive the demand for smart cities.
Digitalization of processes and services and inclination towards smart
governance by complying with latest laws and regulations swiftly can bode well
for the market.
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Smart
City Industry News
In February 2020, Cisco and Connexin partnered
with Quantela to accelerate the development of smart cities in the United
Kingdom. Sheffield's highway network has implemented the latest IoT-based smart
city technologies in the UK region.
Smart
City Market Regional Analysis
According to geographical updates, the Smart
City Market shows its widespread growth in major regions such as
North America, Asia Pacific, Middle East and Africa, Europe, and South America.
North America is the dominating market region,
accounting for the highest percentage of sales compared to other regions. The
region is progressing highly due to well-developed ICT infrastructure and
federal and municipal governments' partnership with ICT vendors.
The Asia Pacific is progressing at the fastest
rate due to the higher attention on the development of digital infrastructure
in this region, fueling its regional growth.
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