The global smart cities market was worth US$ 312.4 Billion in 2018. A smart city refers to a framework consisting of Information and Communication Technologies (ICT) to develop, deploy and promote sustainable development in urban areas. The hardware component includes chips, sensors and actuators, while the software component comprises smart web and mobile applications for infrastructure and administration through digital devices. The data collected from these components is analyzed to monitor transportation systems, power plants, waste management, water supply, crime detection and various other municipality services. Smart cities also emphasize on improving the quality of life of the citizens, along with enhancing the efficiency of the existing infrastructure. For instance, it promotes mixed-land use for unplanned areas, which offer a range of facilities at one location and help in the optimum utilization of the available space.
Rapidly increasing population, hyper-urbanization and globalization are among the key factors driving the growth of the market. The establishment of smart cities aids in utilizing technologies and connected data sensors to ensure quality economic and environmental development. Furthermore, rising adoption of artificial intelligence (AI) solutions is another factor providing a boost to the market growth. The governments of both developed and emerging nations are implementing policies and regulations for the deployment of cloud-based services to develop, facilitate and track their smart city initiatives. Additionally, the utilization of AI-based CCTV cameras for facial recognition, sensors for smart parking assistance and smart traffic management systems are creating lucrative opportunities for the manufacturers in the industry. Also, intensifying urban migration and the rise in unplanned development is further catalyzing the need for smart cities worldwide. Looking forward, IMARC Group expects the market to reach a value of US$ 826.3 Billion by 2024, registering a CAGR of 17.6% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being ABB, Cisco Systems, Alphabet, IBM, Microsoft, Oracle, Schneider Electric, Hitachi, Siemens AG, Huawei, Intel, GE, Ericsson, Toshiba Corporation, Honeywell, AT&T, etc.
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