Smart cities are an urban development initiated by governments to integrate information and communication technology (ICT) and Internet of Things (IoT) to increase operational efficiency, share information with public, drive economic growth and improve quality of government services and citizen welfare globally. Smart cities focus on development of robust and smart infrastructure, smart grid networks, advance communication systems, intelligent transportation system, and citizen safety. The concept of smart cities may differ from city to city, and country to country depending on the government and the pace of development.
Various initiatives and funding by governments towards development of national infrastructure and rapid urbanization are key factors contributing towards growth of the global smart cities market. Increasing installation of smart meters provides instantaneous information on electric and gas usage is another factor attributing to growth of the global smart cities market. In addition, integration of smart meters and smart grids will help in reducing operational cost, energy management, and provide energy efficient solution. Furthermore, integration of mobile technology with cloud based Internet of Things is further expected to drive growth of the global smart cities market. Smart security segment is expected to register a CAGR of XX% during the forecast. Moreover, concerns related to carbon footprints, traffic flow, and fuel consumption is boosting development of smart transportation services and technologies.
The smart cities concept is still in the nascent stage and uses internet connection for communication and data transfer owing to which concerns related to security of personal and private information, data theft, and cyber-attacks are major factors hampering growth of the global smart cities market. In addition, smart cities require huge initial and capital investments and return on investment is long term.
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The global smart cities market is segmented on the basis of application, and region. On the basis of region, the global smart cities market is segmented into North America, Europe, Asia pacific, Latin America, and Middle East & Africa.
North America market accounts for highest share in terms of revenue, and is expected to increase at a CAGR of XX% during the forecast period. Availability of high speed networks, early adoption of Internet of Things, and huge investments by governments in this region are major factors contributing to rapid growth of the market. Asia Pacific market is expected to witness relatively high growth during the forecast period owing to rapid urbanization and increasing investments in IT and telecommunication sector.
Key players in the global smart cities market includes Huawei Investment & Holding Co, Cisco systems, General Electric Company, IBM Corporation, Microsoft Corporation, Oracle Corporation, Schneider Electric, Ericsson, Siemens AG, Hitachi Ltd., and other prominent players.
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