Jan 13, 2021 (Heraldkeepers) -- 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.
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.
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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