Smart City Market Subjected to Expand to Showcase Rampant Growth by 2022
Smart City Market – Overview:
The next phase of urban development in cities has
emerged in the form of the Smart Cites revolution.
Market Research Future, a firm which specializes in market reports related to
the Information and Communications Technology sector among others, recently
published a report on this market. The market for global smart cities is
expected to reach USD 1933 Billion by 2022.
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Increased pace of urbanization has entailed the
need for smart cities concept. The demand for smart cities concept and tools
has diversified significantly due to government initiatives related to funding
and R & D activities. Development of the concept of Internet of things has
also added to the growth of the smart cities concept. Better internet
connectivity has also played a vital role in the development of this industry.
Industry Segments:
The industry for global smart cities can be divided
into following categories of component and application. The
segmentation on basis of component is into hardware, software and
service. While, on the basis of component, the hardware component in smart city
accounts for the largest market share and is growing with approximately 30.65%
CAGR during forecast period. On the basis of application, the category is
divided into utility, transport, government, residential, education,
healthcare and others. In this segmentation, the transport sub segment holds
majority of market share growing with approximately 30.34% CAGR by the end of
forecast period.
Detailed Regional Analysis:
The market for global smart cities is projected to
develop at an encouraging rate during the forecast period. The North American
market is anticipated to achieve a majority share in the smart city market.
High adoption rates related to internet of things, development of high end
infrastructure and focus towards energy saving and availability of efficient
network connectivity is driving market in the North American region. This
region is followed by the European region in this market. Nevertheless,
Asia-Pacific is estimated to be the fastest rising region in smart city market
due to the increasing initiatives and high investment initiated by governments.
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Global Competitive Analysis:
The industry players in the segment are effectively
utilizing their primary resources to initiate long lasting growth changes. A
trend of volume-driven growth has been observed in the market of late with the
development of different varieties of product types. The sector is meanwhile
also undergoing considerable transformation which has accelerated the growth
pace of the sector. The best long-term growth opportunities for this sector can
be harnessed by ensuring ongoing process improvements and maintaining financial
flexibility to invest in the optimal strategies. Conversely, with companies
aiming to capture a considerable share of the market segment as early as
possible, experimentation with various advantage points is being seriously
considered and implemented.
The key players in global smart city market include
Huawei Technologies Co Ltd. (China), IBM Corporation (U.S.), Cisco Systems,
Inc. (U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Oracle Corporation
(U.S.) Microsoft Corporation (U.S) among others.
Industry Updates:
Jan 2018 Kuching, Malaysia has invested into it
vision of becoming a smart city with the launch of Sacofa Open Fibre Infra
Access (Sofia) recently. Sofia has the ability to deliver high-speed internet
connections to residential or commercial buildings. With the innovative
infrastructure, the people of the city would be able to be better linked with
the outside world with more ease.
Jan 2018 The Department of Homeland Security in the
US is reaching out to tech entrepreneurs and innovators to advance smart city
tools for first responders. The department's Science and Technology Directorate
(S&T) launched also launched a smart city grant named the ‘Request for
Innovators’ designed for tech companies that can develop tools
to assist first responders. S&T has partnered with the First
Responders Group and the Smart Cities Internet of Things Innovation (SCITI)
Labs to coordinate the grant that awards selected entrepreneurs and tech
companies with roughly $50,000 to design initial prototypes, and if they
prove useful S&T will provide an additional $100,000 for research and
development.
Jan 2018 Malaysia will be the first country apart
from China to adapt the smart city system established by the cloud computing
arm of Alibaba Group Holding. Its subsidiary, Alibaba Cloud, has launched the
smart city initiative called Malaysia City Brain, which will harness artificial
intelligence, big data and cloud technologies to support the country’s digital
transformation and help its cities run more efficiently.
Jan 2018 Panasonic is developing a "smart
city" infrastructure in Colorado, US with the aim of turning the area
into a smart city by 2026. The initiative is part of a larger
Panasonic program called CityNow. The development of the town will happen on a
400-acre of empty land near the Denver Airport, the company has installed free
WiFi, LED street lights, pollution sensors, a solar-powered microgrid, and
security cameras initially.
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