Internet of Things plays a vital role in various fields apart from communication networks, such as sanitation, healthcare, transport and energy use. Internet of things refers to a technology that connects all devices to a network. Internet ready and connective devices are achieved by IoT technology.
The Global Smart City Market is growing rapidly over 27% of CAGR and is expected to reach at USD 1,900 billion by the end of forecast period 2022.
This enables the flow of data creating a network of objects. Internet of Things leads to advanced use of internet which would result in developing device to device relationship. Internet of Things when applied to smart cities it adds more technology into everyone’s life and also enables a new and fully integrated approach to the designing and developing of the smart cities. There are tremendous ways in which internet of things help in the development of smart cities. Higher the adoption of internet of things; easier would be the implementation of smart city solutions.
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Major Key Players:
• Huawei Technologies Co Ltd. (China)
• IBM Corporation (U.S.)
• Cisco Systems, Inc.(U.S.)
• AT&T Inc. AG (U.S)
• Siemens AG (Germany)
• Oracle Corporation (U.S.)
• Microsoft Corporation (U.S.)
• Schneider Electric SE (France)
• Hitachi Corporation (U.S.)
• Ericsson (Sweden)
Smart City Market Segmentation
The global Smart City Market has been segmented on the basis of component, application and region. On the basis of component, the market is segmented into hardware, software and service. On the basis of application, the market is classified into utility, transport, government, residential, education, healthcare and others.
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Regional Analysis of Smart City Market:
The global smart city market is expected to grow at a promising rate during the forecast period, 2016-2022. North America is projected to have the largest market in Smart City Market. High adoption of internet of things, growth in high end infrastructure and focus towards energy saving and availability of efficient network connectivity is driving market in North America region.
Followed by Europe region would hold a large share in the market. Asia-Pacific is expected to be the fastest growing region in smart city market due to the increasing initiatives and high investment by government.
• National/ State Government
• Real Estate Developers
• Research & consultant organization
• IT Solution Providers
• System Integrators
• Networking Solution Providers
• Telecom Service Providers
• Transportation Service Providers
• Utility Companies
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• The Global Smart City market is expected to reach USD 1933 Billion by 2022.
• By Component, hardware component in smart city accounts for the largest market share and is growing with approximately ~30.65% CAGR during forecast period.
• By Application, transport sub segment holds the largest market growing with approximately 30.34% CAGR by the end of forecast period.
• Geographically, North America region has been projected to have the largest market share in global smart city market followed by Europe region, while Asia-Pacific region has been projected to show a positive growth rate in smart city market.
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