Smart cities market size is set to cross $2,578.0 billion by 2023, growing at a CAGR of above 20.0% between 2017-2023. Due to significant growth in automation technologies such as internet of things (IoT) and adoption of cloud-based technologies, the market for smart cities is gaining huge traction. In addition, effective city asset management for public welfare, substantial operational cost savings, and automated public data generation applications contribute to the growth of the market.
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Hardware component has been the larger revenue contributor to the smart cities industry. The hardware components used in the smart cities market includes physical devices such as sensors, actuators, and chips. With the deployment of a combination of such hardware devices with software applications, traditional networks which are present in the city infrastructure are made more flexible, efficient and sustainable. This is achieved by efficient use of information, digital and telecommunication technologies to improve the overall operation of the city, benefitting its inhabitants.
Demand for smart healthcare and smart utility are also the key factors driving the growth of global smart cities market. The advancement in mobile and digital technologies are escalating the demand for smart healthcare in smart cities market. Local authorities in several countries are also focusing towards enhancing the communication with its citizens to ensure public healthcare as a priority, through regular health checkups and analysis of past public health data for policy formation. Advancement and adoption in smart utilities such as smart grids, smart meters, and smart waste management system has gained huge interest from public policy makers to integrate next generation smart utility applications, right from the lowest level of smart city development.
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Geographically, Europe has been the largest smart cities market, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth of the market in Asia-Pacific can be attributed to factors such as advancement in automation technologies, growing industry digitalization, rapid growth in advance software development industry, and increasing adoption of data analytics services by real estate builders, and improving IT infrastructure in the region. The various initiatives by the government of various countries across the region to invest in various smart city projects is also expected to drive the smart city market in Asia-Pacific region. For instance, Government of India (GoI) has also invested in smart city initiatives recently to enhance the city sustainability across the country.
Some of the key players operating in the smart cities market are Cisco Systems Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Google, Inc., General Electronics (GE), and ABB Group.
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