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Smart City Market (Application - Smart Buildings, Smart Healthcare, Smart Homes, Smart Industrial Automation, Smart Energy Management, Smart Transportation, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : ICT01261

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on smart city market provides in-depth analysis of segments and sub-segments in the global as well as a regional smart city market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart city market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart city market. According to the report, the global smart city market is projected to grow at a CAGR of 16.1% over the forecast period of 2020-2026.

 

Market Insight

A smart city uses information and communication technologies (ICT) to improve operational efficiency, share information with the public, and improve both the quality of government services and citizen welfare. The major purpose of a smart city is to optimize city functions and boost economic growth while improving the quality of life for the citizens using smart technology and data analysis. Smart cities use technologies such as the internet of things (IoT), analytical software solutions, user interfaces (UI), and communication networks. The smart cities majorly rely first and foremost on the IoT. The IoT is a network of connected devices including vehicles, sensors, or home appliances, that share and exchange data. Data collected and transmitted by the IoT devices is stored either in the cloud or servers. The connection between these devices and the use of data analytics (DA) helps in the transformation of the physical and digital city elements. This, in turn, improves the efficiency of both the public and private sectors, resulting in increased economic benefits and improved lives of its citizens.

 

The current concerns over the spread of coronavirus are creating a huge impact on the smart city market. COVID-19 pandemic affected the global smart city market by hindering production and demand, by disrupting supply chain and electronics market disruption, and by its impact on firms and the financial industry. The gap in the demand-supply chain will hinder the functioning of the flourishing smart city industry. On the other hand, the sale of most of the market players has decreased due to the minimal sale in coronavirus outbreak. However, over the long term, growth is likely to remain stable, as many of the countries are given permission for reopening manufacturing plants and have cut down travel restrictions. Moreover, the sale is expected to come back to a regular pace with a moderate drop in the prices. As the pandemic conditions get under control, the economic uncertainties are expected to diminish.

 

The growing adoption of wirelessly connected devices and the Internet of Things (IoT) is driving the growth of the smart city market. The Internet of Things (IoT) helps to connect people and devices to each other via the Internet. Furthermore, the need for energy-efficient houses is influencing the growth of the smart city market. The rising concern about the high consumption of electricity and the look-out for energy-efficient alternatives will drive the growth of the smart city market. Smart cities are becoming more autonomous and manage their energy footprint more efficiently. Additionally, the increasing development in the field of smart grids is another major growth driver for the global smart city market. The government bodies are motivating manufacturers to develop and consumers to adopt domestic appliances that use smart grids. However, the security concerns associated with connected devices are a major restraining factor that will likely affect the growth of the market. These devices often don’t get the updates, which make them prone to hackers and other security issues. Nevertheless, rapid technological advancement is provided significant growth opportunities for the market.

 

In terms of geography, North America generated the largest revenue for the smart city market. The growing adoption of smart healthcare, smart security, and smart homes in the region has increased the penetration of the smart city market. Moreover, high implementation of the internet of things, development in high-end infrastructure, an emphasis on energy saving, and accessibility of effectual network connectivity are driving the market growth in North America. On the other hand, Asia-Pacific is expected to be the fastest-growing region in the global smart city market. The factors such as rapid growth in population, increasing economic development, and technological advancement for resource management and sustainable development are supporting the fastest growth of this region in the global smart cities market.

 

Segment Covered

The report on global smart city market covers segments such as application. On the basis of application, the sub-markets include smart buildings, smart healthcare, smart homes, smart industrial automation, smart energy management, smart transportation, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Oracle Corporation, Cisco Systems, Inc., IBM Corporation, Hitachi, Ltd., General Electric Company, Honeywell International Inc., ABB Ltd, Alcatel Alcatel-Lucent SA, and Alstom SA.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart city market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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