WELLESLEY, Mass., June 20, 2018 (GLOBE NEWSWIRE) -- With the number of smart cities increasing from about two dozen to more than 100 in just a few years, the market for smart city information and communication technology is anticipating steady growth, according to a report by BCC Research.
The global market is expected to see a compound annual growth rate (CAGR) of 15.8% through 2023, when it could be valued at $994.6 million, according to the report Smart Cities: Growing New IT Markets.
Major players in the market include AT&T, Capgemini, Esri, Itron, Orange Group, Sensus, Silver Spring Networks, Trilliant, Urbiotica, Veolia and Verizon Communications.
Research Highlights
- By size, the market will be led by North America, with an anticipated 2023 value of $419 million, though the Asia-Pacific region will dominate growth, with a CAGR through 2023 of 18.9%.
- The leading technology will be smart sensors, which anticipate a CAGR through 2023 of 19.0% and an estimated value of $288.4 million.
- The fastest-growing tech sector in the industry will be water management, with a CAGR through 2023 estimated at 19.1%, though energy management will lead in size, with an anticipated value of $330.9 million.
“The smart cities market opportunity is driven by the convergence of information and communications technology in a number of areas, in particular the development of advanced connectivity and analytic software and hardware,” said Senior Editor and report author Michael Sullivan. “A branch of the Internet of Things (IoT), smart cities leverage the array of connected sensors and analytics platforms to drive stronger coordination within departments and across city agencies and community groups. Everything from video surveillance for security and traffic management to emergency coordination and public events participation benefit from smart city technology.”
Key Market Challenge Is Effort and Planning Required to Become a Smart City
Smart city projects span a broad range, including smart grids, smart meters and energy management tools. While the decision to become a smart city is less controversial than it once was, the process is no less complex. The process of becoming a smart city, the report notes, requires long-term planning and consensus from a variety of stakeholders. Further, there is no one path to becoming a smart city—each locality has its own needs and evolves from a different baseline, meaning that the use of key performance indicators is critical.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.