A smart city can be described as a concept of urban living which integrates information technology and Internet of Things (IoT) to manage a city’s day-to-day operations. A smart city project covers a wide range of urban activities like transportation, library, information, power, water supply, etc.
All of these operations are expected to take place with the help of technology in a bid to improve efficiency and productivity. The ultimate goal of the Smart Cities Market is to elevate the quality of urban life and serve the needs of the residents in an efficient manner.
Scope & Regional Forecast of the Smart Cities Market
The Smart Cities Market considers the prime growth drivers to be a few factors like: a rapidly growing population in and around urban areas; the movement of people from rural to urban areas in great numbers; the potential of smart city solutions to solve various infrastructural challenges faced by local municipal departments; and a growing public demand for the implementation of the smart city concept in a bid to implement sustainable living.
Right now, the Smart Cities Market is dominated by Europe as various cities like London, Paris and Berlin have been eager to adopt the latest smart city trends by investing in various strands of smart city technology. As far as the next few years are concerned, the Asia-Pacific region is expected to drive demand as countries like India are aiming to transform several large cities into sustainable urban areas. Smart city opportunities are expected to grow at a rapid pace as Tier 2 and 3 cities in these countries are also experiencing rapid urbanization and growth rates.
Segmentations & Key Players Involved in the Smart Cities Market
According to IndustryARC findings, the Smart Cities Market can be broken down into various segmentations on the basis of –
Segment: Smart Transportation, Smart Buildings and Infrastructure, Smart IT and Communications, Smart Healthcare, Smart Energy, Smart Education & Governance and Smart Environment.
Solution: Smart Transportation (Passenger Information Systems, Traffic Management Systems, Integrated Supervision Systems, Collision Avoidance Systems, Ticketing Management Systems), Smart Building (Building Energy Management Systems, Building Communication Systems, Parking Management, Building Automation Systems, Water Management, Building Network Technologies), Smart IT and Communications, Smart Healthcare, Smart Energy (Smart Meters, Sensors, Smart communication networks), Smart Education & Governance (Hardware, Software, Services, Education and Governance Content) and Smart Environment (Renewable Energy, Water/ Waste Water/ Sanitation, Others).
Geographical Location: North America, Europe, Asia-Pacific and Rest of the World.
Some of the key players involved in the Smart Cities Market according to IndustryARC are as follows:
Ingersoll Rand Security Technologies
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