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.
https://www.infiniumglobalresearch.com/reports/sample-request/3259
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)”
https://www.infiniumglobalresearch.com/reports/enquiry/3259
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.
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.
