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Smart City Market Size, Share, Development, Growth and Demand Forecast to 2020 : P&S Market Research
A smart city is a combination of different technologies such as a smart grid, smart home, smart building, smart healthcare, smart safety, smart transportation and smart education. A smart city aims to reduce environmental impact and offers a quality lifestyle in terms of monetary growth, well-being and sustainability, to its citizens.
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he global smart city market has been defined as the spending by small and medium businesses (SMBs) and large enterprises on smart cities solutions and services for planning and infrastructure development for the future. The global smart city market can be segmented on the basis of application into smart home, intelligent building automation, smart city management, smart education, smart transportation, citizen services, smart healthcare, smart water management and smart security systems.
Smarter infrastructure helps to minimize adverse impacts on the environment and offers an excellent lifestyle to citizens. As increased population transforms into urban settings, the need for living in urbanized areas, also increases. As cities develop their services, governance and management becomes progressively difficult. Therefore, revolution of cities into smart cities is required to address the social, environmental, engineering and economic challenges. Smart cities bring together society, government and technology to enable smarter economy, smarter people, smarter living, smarter mobility, smarter environment and smarter governance. A smarter city encompasses aspects of smart transportation, carbon emissions, security, energy management and sustainability, as the fundamental option for decision-makers and authorities.
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A major factor hindering the growth of the smart city market is unproven scaling of new technologies and the fact that technology is not well understood across some sectors of the city. Smart technologies are relatively new without a recognized track record. This brings up challenges and risk in securing public and private investment interests. However, the core barrier within implementation of new technologies is the complication about- how cities are regulated, financed, operated and planned.
Some of the key competitors of the global smart city market are ABB, Alcatel-Lucent, Cisco, IBM, Siemens AG, GENERAL ELECTRIC, Hitachi-GE Nuclear Energy, Ltd, Honeywell International Inc., Intel Corporation, Schneider Electric and Toshiba America, Inc.
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