The report titled, “Global Smart City Market 2016-2020” serves as a reliable business tool for both new and existing players in the global smart city market. It offers a comprehensive overview of the various aspects of the market including its dynamics, geographical segmentation, and competitive landscape.
As per the findings of the report, the global smart city market will expand at an impressive CAGR of 20% from 2016 to 2020. The market is primarily driven by the rising installation of smart meters. Technological advancements are also playing a vital role in the growth of the market. The advancements in technology are enabling incorporation of smart meters with smart grids, which will help in energy management and operation costs reduction. The increasing implementation of such energy-efficient systems is assisting in attaining environmental stability and is reflecting positively on the growth of the market. Moreover, government initiatives are favoring the promotion of the concept of smart cities. However, the high cost associated with the upgradation of smart grids is limiting the market from realizing its utmost potential.
On the basis of components, the global smart city market is divided into smart energy, smart security, smart building, smart infrastructure, smart mobility, smart healthcare, and smart governance and smart education. The smart infrastructure segment will continue to dominate the market until 2020, progressing at a CAGR close to 23% during the same period. The increasing adoption of ICT-based smart waste management systems is propelling the growth of the segment.
Europe, Middle East, and Africa (EMEA) will continue to be the leading regional market until 2020, exhibiting a CAGR of about 22% during the forecast period. The increasing investments by governments for the development of intelligent traffic systems and smart homes is providing a significant push to the market in this region. Moreover, the availability of high-speed wireless networks and introduction of smart grids are working in favor of the growth of the region.
The key players in the global smart city market are focusing on the development of novel and enhanced products in order to keep up with the varying tastes and preferences of consumers. Various companies are also forming strategic alliances to invest in research and development activities, service or product extensions, and technological innovations to sustain the competition in this highly fragmented arena.
The leading players in the global smart city market are Cisco, ABB, GE, Ericsson, Huawei Technologies, Google, Microsoft, IBM, Schneider Electric, Oracle, and Siemens. Some of the prominent players are Aeris Communications, Accenture, Digi International, Nokia, Hitachi, HCL, HP, Honeywell, KORE Wireless, Jasper Technologies, Mercedes-Benz, LG, Novatel Wireless, NEC, SAP, NTT DATA, Telefonica, Sierra Wireless, Vodafone, and Wipro.
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