Pune, Sept. 18, 2018 (GLOBE NEWSWIRE) -- As per the latest study conducted by Market Research Future (MRFR), the global smart city market is expected to surpass a valuation of USD 1933 Bn by the year 2022. Smart city is viewed as a new-age urban development concept that is gaining a quick momentum. There are different focus areas in smart city spanning across communication technology and city resources and assets for improving the living standard of citizens in an effective manner. The concept of smart city has become a reality also because of the factors such as IoT boom, rapid urbanization, artificial intelligence and big data intelligence. Advance economies and some of the fast-developing countries such as China and India are raring to avail smart the benefits of smart city. In recent past, massive infrastructural development and reforms have been announced by various emerging economies with smart city being the prime focus. Countries that are not large in terms geography but also represent a sizable demography have significant scope for smart city services and solutions.
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Smart City Market Segmentation: Insights
MRFR in its report has provided a descriptive segmental analysis of the global smart city market on the basis of component and application. Based on components, the market is segmented into services, software and hardware. Of these, the hardware segment currently accounts for the largest market share and is expected to retain its top position over 2022. During the forecast period (2016-2022), the segment is expected to exhibit a compound annual growth rate of 30.65%. Increased installation of hardware components in newly developed public infrastructures is a major factor supporting the growth of the segment. Based on application, the market has been segmented into utility, transport and residential. The utility segment is further sub-segmented into smart waste management, smart lighting, and smart meters. The transport segment is further sub-segmented into smart transportation, smart ticket, and smart parking. The residential segment is further sub-segmented into smart building, education, healthcare, and government. The transport segment is expected to remain highly profitable over the next couple of years and witness a strong growth.
North America Most Attractive Market for Smart Cities
The global Smart City Market has been analyzed across regions such as North America, Europe and Asia Pacific (APAC). The market in North America showcases tremendous growth potentials and accounts for the highest contribution to the global market value. The Smart City market in the region is projected to grow at an above-average CAGR during the assessment period. The infrastructure landscape more-or-less remains favourable for smart city upgrades in North America. Both the U.S. and Canada have a robust infrastructure setup, which eases the deployment of smart cities solutions in these countries. Moreover, the authorities in these countries are placing a strong emphasis on making energy more efficient, utilization greener alternative and developing sustainable services for citizens. Service providers are expected to remain deeply interested in region throughout the forecast period. Europe currently holds the second spot, with countries such as France, Germany, Netherlands and the U.K. actively focusing on innovative smart city solutions. Although the recent political events and dip in Euro zone have cautioned market players, the motion remains in favour of the Europe smart city market. APAC is also expected to emerge as an important market in the forthcoming years. China and India represent two of the fastest growing economies in the world, which makes them attractive investment destination for market players. In addition, the region’s market is projected to witness a relatively higher CAGR during the forecast period.
Global Smart City Market: Competition Tracking
IBM Corporation (U.S.), AT&T Inc. (U.S), Oracle Corporation (U.S.), Schneider Electric SE (France), Ericsson (Sweden), Huawei Technologies Co Ltd. (China), Siemens AG (Germany), Cisco Systems, Inc.(U.S.), Hitachi Corporation (U.S.), and Microsoft Corporation (U.S.). are some the leading companies operating in the global smart city market.
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Industry News
Telecommunication giant AT&T has recent revealed its plans to form a public-private alliance with the city of los Angeles, which will allow it to deploy its smart cities components across the city. The alliance will also allow AT&T to get assistance from the city for rapid deployment of its small cells and IoT technology to overcome local problems of LA, which include public safety, transportation, traffic and natural disaster preparedness.
French-Italian multinational electronics and semiconductor manufacturer STMicroelectronics in collaboration with Dutch-based technology company has unveiled a package of development tools in the STM32* Open Development Environment, which is connected to TomTom Maps APIs for mapping data services, tracking, and location, speeding up product development, time-to-market and reduce cost at the same time.
Related Reports
Public Safety Solution for Smart City Market, By Solution (Critical Communication Network, Biometric Security & Authentication System, Emergency & Disaster Management, Backup & Recovery System, Public Address & General Alarm and Surveillance System), By Services (Professional Service and Managed Service),By Application (Public Transportation Security, Critical Infrastructure Security, Disaster Management, Medical Emergency Service, Firefighting Services, Law Enforcement and Intelligence Agencies), By Region – Forecast to 2023.
https://www.marketresearchfuture.com/reports/public-safety-solution-smart-city-market-2738
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https://www.marketresearchfuture.com/reports/smart-personal-safety-security-device-market-1866
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