-- The global smart cities market was valued at USD 529.55 billion in 2017, and is forecasted to reach USD 1944.67 billion by the end of 2023, with a CAGR of 24.21%, during the forecast period (2018 - 2023). The scope of this report is limited to the type of building, such as residential, commercial, and data center, smart utilities, such as smart energy, smart grid, and smart meter among others, solution, such as smart facility management, smart public safety, smart healthcare, smart education, and smart water. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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The expanding population living in urban areas (58% by 2025), and the overall growth of urban population (81% of total population that are living in cities), are the major drivers for the adoption of intelligent and smart solutions. The main reason behind the growth of smart cities is the need for an effective solution for managing the cities. Governments of various countries are expected to collaborate and partner with each other, in order to transform into a collaborative and integrated service delivery model, from the traditional silo-based model. The expansion of cities and urbanization, widespread adoption of green technology, increasing telecom penetration, and rising adoption of Artificial Intelligence (AI) and Internet of Things, are the factors driving the demand for smart cities.
Internet of Things- The Driving Force Behind Smart Cities
Smart Cities and Internet of Things (IoT) are on their way to transform modern life. Smart Cities make effective use of IoT. IoT instills the required intelligence into basic building blocks of the city, and helps make it smart. In 2017, Smart Cities occupied major share in IoT. Smart Cities is expected to utilize IoT to monitor energy usage, traffic flows, and water levels etc. The effective use of IoT in Smart Cities is totally reliant on the infrastructure development, and smart supply chain.
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Rising Revenue from Smart Home
Smart Home is commonly used to define a residence that has smart devices/products, such as air conditioners, televisions, computers, entertainment systems, security systems, and many more, and all the devices are able to communicate with each other, and can be controlled remotely. Devices/Products used in smart homes can be termed as standalone components, which can be connected to the internet, as part of a larger eco-system, to offer monitoring or control functions from a remote location. The smart home appliances can be controlled using a smart phone, and they provide ease of access. Technology giants, such as Apple, Google and Samsung, are entering the smart homes market with more innovative products, such as HomeKit and Brillo, and are attracting large number of consumers.
The overall demand for smart homes is forecasted to grow rapidly, owing to strong consumer interest, incremental technological innovations, and greater accessibility. Also, the rising level of disposable income has enabled consumers to opt for solutions that are more convenient. Smart homes not only enhance energy conservation using smart meters, but also have the ability to convert a home into a high-tech one, that is connected by the Internet of Things (IoT). From using cameras to sensors, ensuring the authenticity and safety, to sometimes even assessing the person’s physical conditions, as part of the healthcare services, smart homes are bringing state-of-the-art technology, and services together for a safer and convenient life. The video monitoring, proactive event notification, and the alarms that further provide increased safety and security solutions, are alluring the consumers to adopt these solutions.
Key Developments in the Market
January 2018 - Emerson Electric Company introduced a technology to control multiple smart thermostats on single dashboard to help ensure human comfort and energy efficiency.
December 2017 - ABB introduced 20-second flash charging technology that allows a bus to connect to a charging point and top up its batteries in less than 1 second, while passengers embark and disembark.
December 2017 - Schneider Electric introduced EcoStruxureTM Grid in Hyderabad, India to generate higher efficiency in power generation and distribution.
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Major Players: ABB LTD., CISCO SYSTEMS INC., EMERSON ELECTRIC COMPANY, IBM (INTERNATIONAL BUSINESS MACHINES) CORPORATION, GENERAL ELECTRIC (GE), and SCHNEIDER ELECTRIC SE, amongst others.
Reasons to Purchase this Report
Current and future of Global Smart Cities Market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identifying the latest developments, market shares and strategies employed by the major market players
3 month analyst support, along with the Market Estimate sheet (in Excel)
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Companies Mentioned:
ABB Ltd., CISCO Systems Inc., Emerson Electric Company, IBM (International Business Machines) Corporation, Alcatel-Lucent S.A, Ericsson, Delta Controls, General Electric (GE), Hitachi Ltd., Novartis International AG, Huawei Investment & Holding Co., Ltd., Schneider Electric SE, Oracle Corporation, Siemens AG
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