Smart Cities Market By Smart Transportation (Types, Solutions, and Services), By Smart Buildings (Solutions and Services), By Smart Utilities (Solutions and Services), By Smart Citizen Services (Smart Street Lighting, Smart Education, Smart Public Safety, and Smart Healthcare) - Global Analysis & Forecast 2019-2030
Report ID : 185 | Published Date : May 2020 | Pages : 160 | Region : Global | Report Code : ICT-13
Smart Cities Market Introduction & Overview
Cities wherein traditional infrastructure is made more efficient through integration & coordination with ICT and other novel digital technologies are termed as smart cities. Smart city solutions automate routine functions that serve individuals, buildings, traffic systems, and other public amenities. In addition, smart cities have the proficiency & capacity to monitor, understand, and analyze their capabilities, which further improves the quality of life for citizens whilst reducing a city’s environmental impacts.
Rapid and widespread growth in the number of potential customers adopting new digital technologies is increasing, which is likely to propel market growth. Moreover, the increasing political & financial support is contributing to the extensive market growth. However, the inefficiency of full deployment owing to the lack of sustained funding and proper revenue-generating schemes is likely to hamper the market growth.
The global smart cities market is segmented by smart transportation, smart buildings, smart utilities, smart citizen services, and region.
Smart Cities Market by Smart Transportation
Based on smart transportation, the smart cities market is segmented into types, solutions, and services. Smart transportation accounted for the largest market share in 2018. The large share of this segment can be attributed to the increasing implementation of new technologies in the transportation sector owing to several advantages such as enhanced traffic safety, efficient parking solutions and better assessment of the type & number of vehicles on roads. For instance, Singapore’s Smart Nation project offers self-driving technology to public transport, contactless fare payment, and open data & analytics for city transportation.
Smart Cities Market by Smart Buildings
Based on smart buildings, the market can be segmented into solutions and services. In terms of market share, emergency management, a sub-segment of the solutions segment is estimated to account for the largest market share, owing to the increasing importance of providing resilience to natural disasters, such as extreme weather, flooding, and heat & water stress.
Smart Cities Market by Smart Utilities
Similarly, in terms of smart utilities, the smart cities market can be segmented into solutions and services. Smart utilities have witnessed wide-scale adoption in recent times owing to several benefits including improved energy efficiency, lowered operational costs for municipalities, remote lighting management enablement, and improved citizen safety. For instance, by 2020, the European Commission is aiming to replace approximately 80% of electric meters with smart meters for its member states.
Smart Cities Market by Smart Citizen Services
Based on smart citizen services, the market is segmented into smart street lighting, smart education, smart public safety, and smart healthcare. The smart healthcare segment is estimated to account for the largest market share. The increasing adoption of the IoT in healthcare for remotely monitoring health conditions of the aging population, increasing consumer consciousness regarding health and growing popularity of healthcare wearables among consumers are some of the factors that can be attributed to the largest share of the smart healthcare segment.
Smart Cities Market by Region
The global smart cities market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the smart cities market followed by Europe and Asia Pacific. North America holds the largest share owing to the large-scale adoption of Internet of Things (IoT) tools, artificial intelligence and other digital technologies. However, Asia Pacific is expected to witness the highest CAGR, with market growth centered in China, Korea, Japan, and India. The substantial growth of this region can be attributed to favorable regulations and the implementation of extensive government initiatives.
Smart Cities Market Prominent Players
Some of the prominent players in the smart cities market include Schneider Electric, Cisco Systems, Inc., Siemens, Telefonaktiebolaget LM Ericsson, Itron Inc., Telensa, Honeywell International Inc, Gfi, ABB, and IBM, among others.