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The smart city is a vision of urban development to combine multiple information and communication technology solutions which helps to manage a city asserts. Global smart city market generated revenue of $411.31 billion in 2014, and is expected to reach up to $1397.5 billion by 2022 growing at 14.5% CAGR during 2016-2022. The smart city market shows potential of huge growth in the forecast period. The increasing rate of urbanization is posing to be a key driver for smart city companies.
Increasing urbanization helps to drive the market of infrastructure development. The less infrastructure development cause complex challenges for local government to develop basic services such as housing, water, electricity, transportation and other needs helps to drive the market of smart cities. Increasing cost for new technologies maintenance becomes a big challenge for the smart city markets. For example, the testing of the smart traffic light and signal system have a very high maintenance cost. The Asia Pacific market is very big opportunity for the smart city market. Developing countries such as India, China government are putting various initiatives which helps to increase the market of smart city globally.
The global smart city market is segmented on the basis of smart building and infrastructure, smart energy management, smart transportation management system, smart healthcare system, smart water management and security and safety solutions. On the basis of smart building and infrastructure the market is further sub segmented into smart building & infrastructure market, and regional analysis. On the basis of smart energy management the market is further sub segmented into renewable sources of energy, and wireless technology. On the basis of smart transportation management system the market is further sub segmented into population growth results in rising traffic congestion worldwide, increasing purchase of motor vehicles, rfid in transportation system, traffic management, passenger information system (PIS), ticketing system and parking management system (PMS). On the basis of smart healthcare system the market is further sub segmented in emergence of data analytics tools in healthcare, cost reduction with smart healthcare systems. On the basis of smart water management the market is further sub segmented in increasing water consumption. On the basis of security and safety solutions the market is further sub segmented in increasing crime rates globally, increasing internet penetration and advanced mobile technologies
Some of the major players of the market include IBM, Cisco, Oracle, Schneider Electric SE, Microsoft, SAP SE, Hitachi, Siemens AG, Accenture, Toshiba, General Electric, Cap Gemini, AGT International, Huawei Technologies and Ericsson. Innovations and expansions are some of the key strategies being adopted by the market players. On the basis of geography, North America, Europe, Asia Pacific and RoW are the major segments. Asia Pacific has the largest market share among all the geographies followed by Europe. Due to high infrastructure demand and government support, smart city market is growing continuously.