Smart Cities Market Opportunities and Key Market Players

Smart Cities Market

The Smart Cities Market is projected to grow from an estimated USD 308.0 billion in 2018 to USD 717.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period, as per a report by MarketsandMarkets.

The adoption rate of smart cities solutions is expected to grow, owing to the increasing demand for public safety and communications infrastructure, growing number of citizen empowerment and engagement, and rising urban population.

Attractive Market Opportunities in the Global Smart Cities Market

The smart cities market has been witnessing tremendous growth in countries, such as China and Singapore, which are currently in the growing phase. This strong growth has offered huge growth opportunities for smart cities solution providers in these countries. The market in APAC is expected to gain momentum, owing to the increasing demand for parking management, emergency management, distribution management, and other components of smart cities.

The high-speed network connectivity has created many opportunities across sectors, such as energy, healthcare, transportation, utilities, and others, for smart cities solution providers so that they can better monitor and manage the entire infrastructure. The healthcare sector has already initiated the implementation of IoT across application areas, including remote consultation and monitoring, virtual health kiosks and portals, and electronic personal health records. The IoT in the transportation sector helps in congestion control, safety maintenance, city traffic surveillance, and crime reduction by implementing intelligent surveillance tools, such as intelligent cameras.

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Key Market Players for Smart Cities Market

In the Smart Cities Market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc. (US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell International Inc. (US), SAP SE (Germany), KAPSCH Group (Austria), and AGT International (Switzerland). These players have adopted various strategies to grow in the global smart cities market.

Siemens AG is a high-end provider of hardware, software, networking, and communications technology-based products and services. It provides various smart transportation products and solutions, including rail automation, Communication-Based Train Control (CBTC), traffic control center, urban traffic control, parking space management, tolling, and integrated smart parking. It offers a wide range of solutions, such as the Building Automation System (BAS).

Verizon is one of the biggest players in the telecommunications industry, which covers mobility, IoT, networks and internet-based solutions, IT solutions and cloud, and business communications and security. Verizon’s Smart Communities solutions help municipalities and organizations quickly and cost-effectively support the initiatives for managing roadways, utilities, and transportation systems. Verizon offers one of the reliable 4G LTE networks, which are used to integrate the ecosystem of IoT and wireless network technologies for deploying products in the smart cities market.

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