Smart city market is segmented on the basis of components that includes hardware, software and service. The study indicates, hardware components accounts for highest market share whereas software component is expected to be fastest growing in the smart city market. Hardware component is dominating the market owing to increased demand of hardware components for gathering data required for analysis. This data is captured by hardware components that includes sensors, counting system or other hardware equipment for analysis. For installation of every software onto any system needs the hardware components thus making it highest segment holder.
A smart city uses electronic data generated through sensors which is collected from citizens, devices, and systems to manage assets and resources efficiently. Smart city is a vision of urban development combining information and communication technology with administration to reform, manage, and modify city assets and to direct its evolution.
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Some of the key players in global smart city market include IBM Corporation (U.S.), Siemens AG (Germany), Hitachi Corporation (U.S.), Huawei Technologies Co Ltd. (China), AT&T Inc. (U.S), Oracle Corporation (U.S.) Microsoft Corporation (U.S.), Cisco Systems, Inc.(U.S.), Schneider Electric SE (France), Ericsson (Sweden), and others.
The global Smart City Market is anticipated to generate USD 1933 billion by the end of forecast period of 2022.
Market Dynamics Drivers:
The drivers of the market such as increasing urbanization, advancements in sensor technologies, growing adoption of smart devices, growing interconnectivity between devices, development of protocols for side area low power network systems, and growing network capability and capacity are the prime drivers of the market.
The adoption of information technology by public and private sectors especially the law enforcement, waste management, and other community services has created antecedents for its adoption. The attractive economics of connected devices such as automation, reduced human intervention, and faster implementation as well as correction are economic drivers of the market.
The high potentialities of smart cities can result in huge savings due to efficient management of assets and resources especially in fields of traffic and transportation systems, power plants, water supply networks, schools and libraries, hospitals. Further smart cities help to connect to citizens which helps in managing the evolution of cities for betterment of citizens. Advancements in data management, big data, analytics, artificial intelligence and machine learning is providing a further boost to the smart city market.
The restraints that may hamper the smart city vision market growth are poor communication, lower adoption of information technology in developing regions, high capital investment, lack of awareness, and concerns over data security and privacy. Lack of social coherence, communalism, and threat of misuse of data for political gains are the social determinants of the market.
To generate a comprehensive view of the market so as to enable the reader to take an informed decision the global smart city market has be segmented by components, application and regions.
On the basis of component the market has been segmented into hardware, software and service. The hardware component accounts for the largest market share which is growing at a CAGR of 30.65 %.
On the basis of application the market has been segmented into utility, transport, government, residential, education, healthcare and others. The transport component accounts for the largest market share which is growing at a CAGR of 30.34 %.
The global smart city market is dominated by North America led by the U.S. owing to large scale adoption of internet of things, developed infrastructure, prosperous cities, high democratic index, presence of advanced players, and focus towards energy saving. North America is followed by Europe led by Germany, France and the U.K. however the Scandinavian nations of Norway, Finland, Luxemburg, Iceland, and Denmark are expected to generate a faster growth in the European region. However the global growth is expected to be led by Asia-Pacific due to the increasing government initiatives and high investment in real estate and urbanization. Japan dominates the Asia Pacific landscape with China, South Korea and India account ting for the fastest growth in the market.
The Middle East and Africa region is expected to be dominated by the Gulf economies of UAE, Qatar, Kuwait and others owing to their high wealth and booming real estate sectors.
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