Global Smart Cities Market
The GMI Research forecasts that the Smart Cities Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the various benefits of smart cities like better transportation and enhanced infrastructure and the rising strategies by the government.
Introduction of the Smart Cities Market
Smart cities refer to the use of digital and telecommunication technologies to enhance the effectiveness of urban services and generate new economic opportunities in cities. They help in magnifying the use of resources with more innovative urban transport networks, safer public spaces, upgraded water supply, and waste disposal facilities.
Key Players of the Global Smart Cities Market:
- Alphabet, Inc.
- Siemens AG
- International Business Machines Corporation
- Emerson Electric Co.
- SAP SE
- Koninklijke Philips N.V.
- Cisco Systems, Inc.
- Schneider Electric SE
- ABB Ltd.
- Honeywell International Inc
Smart Cities Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The accelerating urban population, augmenting demand for public protection, and surging measures by the government to develop smart transportation, utilities, buildings, and education services are some of the prominent drivers proliferating the growth of the global smart cities market. Also, the expanding availability of cheaper internet of things (IoT) sensors, artificial intelligence (AI), and allocated hybrid multi-cloud architectures is further strengthening the smart cities market size. In accordance with the United Nations, approximately 68% of the world population is likely to relocate to urban areas by 2050. Escalating traffic blockage, shortage of water and electricity, and public security led by swift urbanization will fuel the market growth. Moreover, enormous advantages imparted by these cities including better transportation, decreased environmental footprints, effective public utilities, optimum distribution of resources, and raised digital equity will contribute to the market growth. However, excessive initial investments required for their establishment will hamper the market growth. Furthermore, the growing agitation towards privacy and indemnity, mounting incidences of data theft, and high reliability on electronics and networking may restrain the smart cities market share.
Solution Segment Drivers
Based on solution, smart mobility management is predicted to dominate the market over the forecast period. This is attributed to the increasing need for an effective, safe and secure public transport system, incorporated with mobility-as-a-service (MaaS). Rising apprehension about CO2 emissions of road transport and the escalating endorsement of autonomous connected electric and shared vehicles further supplements the market growth. On the other hand, smart healthcare is projected to grow at a faster CAGR during the forecast period. This is owing to the mounting adoption of digital healthcare platforms including, mobile nursing station, remote patient supervision, and smart drug picking system. Some of the key enterprises including HQSoftware, OSPLabs, Mindbowser Infosolutions, and Biz4intellia Inc. proffer IoT healthcare solutions and services, which will raise the market growth.
Regional Drivers
Based on regional coverage, Asia-Pacific is expected to expand at a faster CAGR over the forecast period. This is primarily attributed to the changing urban demographics, rapid city enlargement, and increasing public-private partnership (PPP) for the blossoming of infrastructure and services. Moreover, various government smart cities projects, including Smart Cities Mission, India; Taipei Smart City Living Lab project, Taiwan; Haikou City Brain, China, are supplementing the market growth.
Smart Cities Market Segmentation:
Segmentation by Solution
- Smart Mobility Management
- Smart Public Safety
- Smart Healthcare
- Smart Building
- Smart Utilities
- Smart Security
- Smart Education
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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