Smart Cities Market to Grow at a CAGR 23.1% – Report by MarketsandMarkets

August 24 16:38 2018

Key vendors in the global smart cities market profiled in the report include Huawei Investment & Holding Co., Ltd. (China), Cisco Systems (US), IBM Corporation (US), Microsoft Corporation (US), Oracle Corporation (US), Schneider Electric (France), Siemens AG (Germany), Ericsson (Sweden), and Hitachi Ltd., and Toshiba Corporation (Japan).
Growing energy consumption and requirements to achieve optimum energy usage during peak hours; growing trends in Artificial Intelligence (AI) and Big Data analytics; and increasing demand for integrated security and safety system in enhancing public safety are expected to drive the market growth.

The smart cities market is expected to grow from USD 424.68 billion in 2017 to USD 1,201.69 billion by 2022, at a CAGR of 23.1%. Moreover, rising demand of integrated security and safety systems for enhancing public safety is expected to increase applications in various industry verticals. The growing demand for mobility and cloud applications, and the emergence of Internet of Things (IoT) are driving the deployment of smart cities-related technologies across its focus areas.

Apart from the increasing adoption of smart technologies across emerging modern urban centers, there have been an exponential growth in associated services, including, traditional services (maintenance, repair, replace, upgrades or operations outsourcing), advanced services (consulting and planning), and software services (business analytics, cloud computing, and others). Software adoption within smart cities indicates a visible trend of the power behind data integration that binds disparate systems.          

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Citizen services focus area is expected to hold the highest market size in the smart cities market during the forecast period

Smart citizen services, which comprise smart education, healthcare, and intelligent security & threat management system, continue to evolve and are expected to witness significant growth over the forecast period. Security and threat management is expected to have the highest market share during the forecast period.

Security and threat management services protect smart cities from various cyber-attacks as well as physical attacks. A smart city comprises many sectors, such as utilities, buildings, and transportation. Enterprises and governments all over the world spend millions of dollars in protecting their infrastructures from such attacks.

Smart education service vendors started offering digital educational products, such as Interactive White Boards (IWBs), simulation-based hardware, and digital pens, for the enrichment of online learning during the late 1980s. Initially, these digital learning technologies were deployed by large universities and organizations, as they had the sufficient capital and IT to support these services.

Building segment in smart cities focus area is expected to play a key role in the smart cities market and grow at the highest CAGR from 2015 to 2022

The concept of smart building was initially introduced to optimize energy consumption and to reduce operating costs, which would enable end-users to analyze energy operational data for actionable insights. The core of the smart building ecosystem comprises Original Device Manufacturers (ODMs), technology vendors, communication service providers, and system integrators, who are responsible for providing this technology to end-users by integrating advanced technology solutions. Monitoring and control of network infrastructure for efficient communication within complex building infrastructures have led to rise in various technologies governing networks. SDN architecture is one of the rising networking frameworks, and the in-building communication systems segment is expected to grow at a significant rate during the forecast period.

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