Smart City Market Overview:
The smart city concept has gained popularity in recent years due to better technology availability. Reports that convey insights into the industry of semiconductors and electronics has been presented by Market Research Future, which creates reports on industry verticals that judge the market progress and options for growth. The income potential of the smart city market is expected to reach USD 1933 Billion by 2022.
The need to overhaul the entire urban eco-system is a key factor motivating the smart city market in the coming years. The development of the concept of smart transportation is expected to influence the Global Smart City Market in the forthcoming period. Also, the development of concepts such as cybersecurity, IoT, and big data analytics is expected to lead the way for the expansion of the smart city market in the approaching period.
Major Key Players:
The distinguished contenders in the Smart City are IBM Corporation (U.S.), Cisco Systems, Inc.(U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Huawei Technologies Co Ltd. (China), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Hitachi Corporation (U.S.), Schneider Electric SE (France), Ericsson (Sweden), and others.
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Smart City Market Segmental Analysis:
The segments of the smart city market are conducted on the basis of components, applications, and regions to enable a better insight into the market.
- On the basis of component, the smart city market is segmented into software, hardware, and service.
- Based on the application, the market for smart city is segmented into transport, utility, residential, education, government, healthcare and others. The utility segment is further segmented into smart lighting, smart meters, and smart waste management.
- The transport segment additionally comprises of smart tickets, smart parking and smart transportation.
- Based on the regions, the smart city market is segmented into North America, APAC, Europe and other global regions.
Smart City Market Detailed Regional Analysis:
The regional overview of the smart city market is conducted on the basis of regions such as North America, APAC, Europe and other global regions. The smart city market size is anticipated to develop at an encouraging rate throughout the forecast period. The development of the North American region is anticipated to have the principal market share in the smart city market.
The elevated implementation of the internet of things, the growth in high-end infrastructure and emphasis on energy saving along with the availability of competent network connectivity is motivating the smart cities trends in the North America region. The European region which closely follows the North American region, is expected to embrace a larger portion of the market. The Asia Pacific region’s market is anticipated to be the fastest developing region in the smart city market owing to the increased establishment of initiatives and the high investment by the respective governments’ in the region.
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