According to a report by Grand View Research, Inc., global smart cities market is anticipated to value USD 2.57 trillion by 2025. Growing awareness regarding smart devices based on advanced technologies is anticipated to propel demand for smart cities. Such smart cities are likely to leverage available technologies and innovations to create better living conditions for residents. In addition, such cities can focus on integrating social & human capital, infrastructure, and disruptive technologies to form sustainable economy and participatory governance.
Rising adoption of technologies such as cloud computing, internet of things (IoT), big data, open data, and cognitive computing can influence growth of market. High demand for energy saving technologies and sharing economy to develop resilient cities can augment market growth in the forthcoming years. Increasing use of web-based services and implementation of advanced communication infrastructure can fuel growth of market. Growing focus on environmental stability and limited use of natural resources can spur market growth in the next few years. Supportive initiatives from governing bodies by making positive decisions and implementation of required changes are likely to fuel growth of market during the forecast period (2014 to 2025).
Rising concerns regarding privacy and security of data are likely to hinder implementation and adoption of advanced technologies.
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To cater to rising demand for smart cities, most companies are focusing on R&D activities to support establishment of smart cities. For instance, LG CNS recently launched its smart city platform called cityhub. This platform can incorporate internet of things (IoT) to collect huge data and process it using artificial intelligence (AI). Cityhub can allow cities to collect information from streetlights, factories, buildings, cars, and weather stations and allow municipal governments to make agendas and policies accordingly. In addition, it can offer transportation facilities that can change route in real time and support citizens reach their destinations faster.
The smart cities market can be segregated on the basis of application, component, and region. Based on application, the market can be categorized into smart governance, smart education, smart buildings, smart mobility, smart healthcare, and smart utilities. Smart utilities and smart education segments are predicted to witness substantial growth during the forecast period attributed to supportive initiatives from governments. In addition, rising demand for smart meters and energy grids in urban areas attributed to growing need to control energy usage and develop sustainable communities can fuel growth.
Based on component, the market can be classified into solutions and services. In 2016, solutions segment dominated the market and accounted for largest market share. However, professional services segment is predicted to emerge as fastest and largest growing segment during the forecast period attributed to its wide range of applications. The segment is likely to shed its current auxiliary role in the market and attain some mainstream functions. Integration & deployment services are estimated to lose market share during the forecast period as smart cities scenarios are likely to become more managed-services oriented.
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Regional segmentation includes Europe, North America, Asia Pacific, South America, and Middle East & Africa. In 2016, Europe dominated the market and accounted for largest market share. Supportive initiatives from European Union coupled with initiation of major development projects by local governing bodies are expected to influence growth of market in this region.
In Asia Pacific, the market is anticipated to witness significant growth during the forecast period. High demand for smart solutions for infrastructure management, energy management, and smart mobility can augment market growth. Increasing number of population shifting towards cities is likely to impel demand for smart solutions during the forecast period. Moreover, efforts from urban areas to deliver enough facilities to ever increasing populations are likely to push establishment of smart cities in next few years.
Some of the leading companies offering smart cities are Siemens, Cisco Systems, Accenture, Schneider Electric, and Microsoft. The market is expected to witness participation from small companies addressing niche segments by delivering customized solutions at limited scope. However, it is predicted to be dominated by large technology giants only. Increasing number of collaborations between companies and governments to develop and implement new projects can spur growth of market over the forecast period.
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