Smart City Global Market Overview:
Smart city gives solutions to all problems such as traffic congestion can be solved by smart transport solutions, smart buildings reduces the infrastructure problem and many more. Therefore, the increasing urbanization is driving smart city implementation. Apart from it, increasing aged population is demanding the smart city implementation thus driving the smart city market. Smart city aims to deliver a sustainable environment to live and its smart sensors, healthcare devices, remote monitoring and others can manage and satisfy all the needs and necessities of the aged population. The world’s population is growing older rapidly, people tend to live longer. According to U.S. census is 617.1 Billion world’s population is aged 65+ yrs. aged. The U.S. census forecast from 2025 to 2050 that the older population is projected to almost double to 1.6 billion globally, whereas the total population will grow by just 34 percent over the same period.
The Global Smart City market is growing with the rapid pace; mainly due to increasing urbanization, increasing number of aging population and high adoption of internet of things. According to a recent study report published by the Market Research Future, the global market of Smart City is booming and expected to gain importance over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
The other factors driving the global market of Smart City Market are growing technology addiction for improving lifestyle, and rise in automation among others. Urbanization is increasing tremendously as per the observations by the United Nations. The United Nations has predicted that by 2050, about 64% of the developing world and 86% of the developed world will be urbanized. In this changing environment, due to the increasing population, excessive use of polluting machines and large amount of wastes the environmental concerns are ever increasing. Therefore, the increasing environmental concerns are driving the smart City implementation. On the other hand, technology limitation, high investments are some of the factors hindering the growth of Smart City Market. But the government initiatives towards creating awareness about energy saving and investments for smart city project are fuelling the smart city market.
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Major Key Players:
Huawei Technologies Co Ltd. (China), IBM Corporation (U.S.), Cisco Systems, Inc.(U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Oracle Corporation (U.S.) Microsoft Corporation (U.S.), Schneider Electric SE (France), Hitachi Corporation (U.S.), Ericsson (Sweden) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Smart City Market.
Feb 2018- Nokia has launched a set of services and technologies to manage a smart city’s video surveillance, network, Internet of things sensors, parking and environment. Nokia aims to create a framework and platform to knit together various services.
Feb 2018 – AT&T boasted of continued momentum in its smart city business with news that the city of Portland agreed to test new technologies to monitor traffic, parking and buildings and other structures.
Feb 2018- Cisco and AT&T have announced a partnership for smart cities, with the networking giant to integrate its Cisco Kinetic for Cities platform into various AT&T smart cities solutions, including the Smart Cities Operations Center (SCOC). SCOC, would provide a near real-time information and analysis of city data on a central dashboard, will be bolstered with the addition of Cisco’s cloud-based platform for extracting, computing, and transferring Internet of Things (IoT) data.
Feb 2018- Uber has partnered with the city of Cincinnati to launch its “Cincinnati Mobility Lab,” and have aimed to expand its shared mobility initiatives and use data to make transport in cities more efficient.
Feb 2018- Nokia is going to launch a set of services, based on Internet of Things (IoT), data analytics, and block chain technologies, for economically and environmentally sustainable “smart cities.” The predictions say that in the emerging IoT, the high number of connected devices and sensors would generate vast amounts of data. Smart cities will need to retrieve, process, interpret and act upon real-time environmental data in a timely manner to ensure they remain sustainable environments for their citizens. Therefore Nokia focuses over the data analytic and block chain services.
Feb 2018- Ubicquia, a global leader in simply smart, simply connected Network and IoT platforms for smart cities, announced that they have joined the AT&T Smart Cities Strategic Alliance. Ubicquia is focused on bringing streetlight-powered network and IoT routers, as well as streetlight-powered small cells to municipalities.
Jan 2018- Google has announced its partnership with India’s largest engineering and construction company Larsen and Toubro to bring 150 Google Station hotspots to Pune.
July 2016- ENGIE, a global leader in energy transition, have announced a new initiative with IBM. This initiative is a nonexclusive, technological and commercial alliance is designed to improve the management of cities by looking at patterns, event correlation, anomaly detection and real-time data across all parts of cities.
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Smart City Global Market Segmentation:
The Smart City Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Component: Comprises hardware, software and service
Segmentation by Application: Comprises utility, transport, government, residential, education, healthcare and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
Smart City Global Market Regional Analysis:
North America is dominating the Global Smart City Market with the largest market share mainly due to increasing number of start-ups to support the implementation of smart cities projects to minimize the imports and high adoption of Internet of Things.
Smart City Market in Asia Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 owing to the increasing investments by the government. The European market for Smart City Market is expected to grow at a considerable CAGR (2016-2022).
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