Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) -- A recent report on the Smart Cities Market by Fortune Business Insights says the need for an intellectually connected city with advanced communication technologies is important for today’s world and this propels the need for smart cities. The report titled, “Smart Cities Market Size, Share and Global Trend by Functional Area (Smart Education, Smart Energy, Smart Infrastructure, Smart Healthcare, Smart Building, Others), And Geography Forecast till 2026” provides a detailed analysis of the smart cities market with special emphasis on factors propelling and repelling the growth of the market.
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Major players of the global smart city market are Intel Corporation, Ericsson, Schneider Electric SE, Cisco Systems Inc., Huawei Technologies Co., Ltd., Hitachi Ltd., AT&T Inc., IBM Corporation, General Electric, and Microsoft Corporation.
The advent of Machine Learning to Drive Market
Technological advancement in the field of nanotechnology and machine learning is anticipated to boost the global smart cities market. This, accompanied by the advancement of new renewable energy sources for various sectors is driving the market. Several government-initiated energy storage projects were started with the aim of discovering new sources of renewable energy. To cite an example, the government of Utah plans to collaborate with Magnum Development and Mitsubishi Hitachi Power Systems (MHPS) for the deployment of the Advanced Clean Energy Storage (ACES) project in the mid-area of Utah. Such a quest for renewable energy supported by the government is anticipated to boost the global market.
Governments worldwide are emphasizing distributing energy with unique strategies and efficient models in order to progress towards an environmentally friendly future with less or no carbon emissions. Against this backdrop, governments are investing huge considerably towards the development of smart cities. For instance, the Indian government has made a total investment of 107.95 crores for building smart cities. On the other side, the government of China made a huge investment by announcing 500 smart cities pilot projects. Dubai on the other side aims to achieve a transformation of100% paperless government under the Smart Dubai Plan 2021. The promotion of smart cities and other smart services has been a major factor propelling growth.
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However, the market may face challenges on account of certain inherent security and privacy issues triggered due to the fact that a large amount of personal information is registered and shared on multiple devices for easy accessibility. Advanced surveillance systems and IP-based cameras can be liable to various risks because of internet connectivity and this may turn as an opportunity for hackers to easily hack the systems. Such risks may hinder the growth of the market in the forecast duration.
Continuous Investments in Quest of Renewable Energy Source to Help Asia Pacific Emerge as Fastest Growing Market
Owing to the increasing implementation of smart city solutions North America has emerged dominant in the global market. Besides this, the rise in investment among government organizations and increasing demand for connected solutions in the region is further anticipated to help North America continue its dominance in the years to come as well.
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Meanwhile, the smart city market in the Asia Pacific is expected to register the fastest growth on account of the increasing expenditure on Information Technology and supportive hand from governments of unexplored nations such as Singapore, China, South Korea, and India who are investing huge sums for research and development of finding renewable sources of energy.
SEGMENTATION
By Functional Area
- Smart Education
- Smart Energy
- Smart Energy Storage
- Power Electronics
- Smart Infrastructure
- Smart Lighting
- Smart Transportation
- Smart Water Management
- Smart Stadium
- Smart Public Safety and Security
- Others
- Smart Healthcare
- Connected Hospitals
- Others
- Smart Building
- Building Facility Management Systems
- Buildings Safety and security
- Others
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