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Smart City Market to Grow with a CAGR of 16.1% Over the Period of 2020 to 2026

  • By admin

  • January, 1970

A smart city uses information and communication technologies (ICT) to improve the operational efficiency, share information with the public and improve both the quality of government services and citizen welfare. Smart cities use technologies such as 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 growing adoption of connected devices and the Internet of Things (IoT) is a key driver for the growth of the global smart city market. The Internet of Things (IoT) helps to connect people and devices to each other via the Internet. Smart cities have three main features including being instrumented, interconnected, and intelligent, which is achieved through the technical support from IoT. Moreover, the growing demand for energy-efficient cities is expected to augment the growth of the global smart city market. Smart cities are becoming more autonomous and manage their energy footprint more efficiently, taking into account local resources and the needs of various stakeholders.

 

The concerns over the spread of coronavirus are creating a huge impact on the smart city market. The electrical and electronic industries are heavily dependent on Chinese manufacturers. Lockdown in China has caused severe demand-supply gaps in the industry. The gap in the demand-supply chain will hinder the functioning of the flourishing smart city industry. COVID 19 impact on small and middle-sized companies are likely to observe more severe due to delays in production caused by travel restrictions and strict lockdown. Furthermore, the demand for the smart devices in smart cities has decreased from the end-users. Several residential end-users have stopped working or have lost their jobs and businesses. While many commercial end-users have closed their businesses during the pandemic. 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. Furthermore, the government policies to improve the economic conditions by offering several monetary and non-monetary packages are further expected to augment the market growth over the forecast period. Infinium Global Research’s recent report on the “Smart City Market (Application- Smart Buildings, Smart Healthcare, Smart Security, Smart Homes, Smart Industrial Automation, Smart Energy Management, Smart Transportation, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.

 

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Demand for Higher Productivity, Accuracy and Efficiency is Augmenting the Growth of Smart Industrial Automation Application in the Market

In terms of application, smart industrial automation segment generated the highest revenue for the global smart city market, in 2019. Industries are implementing smart automation to increase productivity and reduce labor costs. Embedded vision is a technology that increases the factory production floor in areas such as raw materials management and assembly. Smart industrial automation uses pneumatic technology because it operates at much lower than hydraulic technology. Smart industrial automation minimizes human intervention in the industry and ensures a superior performance as compared to humans. It also enhances the productivity and quality of products and simultaneously decreases the production cost. Smart industrial automation meets the requirement for mass production by providing nominal human intervention, better quality, and fewer labor expenses, significantly reduce overall operational cost. The report on the “Smart city Market (Smart City Market (Application- Smart Buildings, Smart Healthcare, Smart Security, Smart Homes, Smart Industrial Automation, Smart Energy Management, Smart Transportation, and Others)”

 

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The Smart City Market is Anticipated to Witness Several Mergers and Acquisitions over the Forecast Period

Major market players introduced smart cities initiative, with an increasing trend towards urbanization that creates imperatives for technology-driven solutions. A key player active in the smart city market is Oracle Corporation, Cisco Systems Inc, Intel Corporation, IBM Corp, Hitachi Ltd, General Electric Co, Honeywell International Inc, ABB Ltd, Alcatel Alcatel-Lucent SA, and Alstom SA. Companies have been successful in promoting and installing smart city technologies around the world. The biggest giant tech companies of smart city systems have followed their customers in a trend toward more modest goals. Public infrastructure investments often attract multiple funding sources ranging from donations, foreign direct investment (FDI), Public-Private Partnerships (PPP), development financial institutions, and self-funding. Market players are adopting strategic mergers and acquisitions to remain competitive in the market. For instance, Cisco’s moves to strengthen its overall industrial wireless and industrial network infrastructure portfolios. In April 2020, Cisco announced the acquisition of Fluidmesh Networks. This acquisition will assist Cisco in scaling its industrial wireless portfolio in key areas, such as complementary technology, served industries, expanding use of industrial wireless in mobile applications, and access to OT-oriented channels and partners. Infinium Global Research’s recent report on the global smart city market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

 

North America Region to Generate the Largest Revenue in the Smart City Market

Geographically, North America generated the largest revenue in the Global Smart City Market. North America is expected to dominate the market over the forecast period. The North America market is largely driven by higher adoption of smart healthcare, smart security, and smart homes. Furthermore, 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.