Technavio analysts forecast the global smart city market to grow at a CAGR of over 22% during the forecast period, according to their latest market research report.
The proliferation of smart city projects in emerging economies is one of the major trends being witnessed in the global smart city market 2018-2022. Developed economies in the Americas and Europe have been working on developing smart cities for a decade and have already implemented many projects. Emerging economies such as India are still in the planning phase and are launching many pilot projects. For instance, the government of India has announced pilot smart city projects to be implemented in 100 cities across the country. The rapid rate of urbanization in countries like India is also a major factor responsible for the roll-out of smart-city projects, as smart city infrastructure will help end-users respond faster to the challenges being faced by urban settlements. Hence, the number of smart cities in emerging economies is expected to grow rapidly during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global smart city market is the reduced prices of connected devices:
Global smart city market: Reduced prices of connected devices
IoT systems have revolutionized the connected network ecosystem. Smart city infrastructure is based on an efficient, connected network system. Reduction in the cost of IoT sensors and associated systems and the declining cost of broadband services are factors that are encouraging the development of smart cities across the world. Wireless sensor nodes consist of low power radio and power management mechanisms to gather, store, and process the information throughout different nodes in a network. These sensors can be deployed in hostile and hazardous environments and are scalable as they avoid the setup of dense wired systems. Hence, they save cost for companies as well. Therefore, these sensors are adopted in IoT systems as they can be monitored, controlled, and deployed without hassles.
According to a senior analyst at Technavio for research on machine to machine (M2M) and connected devices, Apart from reduced prices of connected devices, factors such as increasing presence of strategic alliances and enhanced global broadband connectivity are factors that are expected to boost the growth of the global market over the next five years.
Global smart city market: Segmentation analysis
The global smart city market research report provides market segmentation by application (smart governance and education, smart energy, smart healthcare, smart security, others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The EMEA region held the largest share of the market in 2017, accounting for close to 43% share, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to show the highest incremental growth followed by the Americas.
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Five Forces Analysis
- Regional comparison
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- Vendors covered
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- Competitive scenario
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