According to the report, the global smart city market accounted for USD 955.3 billion in 2017 and is expected to reach USD 2,700.1 billion globally by 2024, growing at a CAGR of around 16% between 2018 and 2024.
New York, NY, Sept. 16, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Smart City Market by Application Area (Transportation, Construction, Power Management, Water & Waste Management, Healthcare, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global smart city market accounted for USD 955.3 billion in 2017 and is expected to reach USD 2,700.1 billion globally by 2024, growing at a CAGR of around 16% between 2018 and 2024.
The smart city is an urban area that uses technology for the efficient management of its resources. The smart city provides a systematic lifestyle ensuring that it fulfills the needs of citizens with respect to economic, social, and environmental aspects.
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Usage of advanced technology in the construction sector is preliminarily driving the smart city market. This has led to significant growth in the construction sector. The global construction sector was valued at USD 8.8 trillion in 2016 as compared to USD 7.9 trillion in 2012. Countries such as the U.S., China, India, and Japan contributed almost 40% to the rise of the construction sector. Major factors contributing to this growth are increasing adoption of technology in various processes.
The government of various nations such as the U.S., Canada, China, and India is providing tax incentives to endorse construction of green buildings. The U.S. government provides a 30% tax credit for investors and project owners for the installation of designated renewable-energy equipment. Canada has regional incentive provisions such as the city of Hamilton’s property tax benefits of up to 75% to construct a new green building. Thus, the construction sector will contribute significantly to the growth of the smart city market during the forecast period.
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The smart city concept provides solutions to optimize traffic conditions in a holistic manner and offers faster transportation options. The global automotive industry is growing at a rapid pace. About 86 million cars were sold in 2017 as compared to 84 million in 2016. This number is projected to grow due to the increasing demand in the Asia Pacific. Developing countries with the high population such as China and India were major contributors. Rising number of vehicles developed a need for optimization in traffic conditions, boosting the evolution of smart cities. Hence, the governments of the countries have opted to invest heavily in their smart city projects with a focus on smart transportation. Thus, the global smart city market is expected to propel during the forecast time frame. On a contrary, securing data collected from various components and controlled by numerous government organizations is a major hurdle for the smart city market. However, advancements in technology to have smart city operation centers may open new avenues for the market in the near future.
Based on the application area, the global smart city market is fragmented into transportation, construction, power management, water & waste management, healthcare, and others. The transportation segment is expected to hold a significant market share during the projected timeframe. Hardware, software, and service are the component segment for the smart city market. Software segment is projected to grow at a substantial rate during the forecast period.
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North America is anticipated to hold a significant share of the smart city market during the analysis timeframe. The presence of recognized companies such as Microsoft Corporation, IBM Corporation, and Honeywell International Inc., among others is majorly contributing to the high market share. These expenses are expected to rise due to the advancements in technology and the involvement of more cities in the projects. Thus, it is anticipated that North America will dominate the market over the forecast period.
The European smart city market is preliminarily driven by the rising investments in the transportation sector. In 2016, about 18% of the sales of global vehicles were in Europe. In 2017, the number of vehicles sold in Europe grew by almost 3.3%. This number is predicted to rise during estimated the time frame. Due to an increase in the number of vehicles, the European Commission proposed an investment of about USD 3.1 billion in transport projects and about USD 1.6 billion in transport infrastructure for 2017. Thus, the transportation sector in Europe is predicted to fuel the growth of the smart city market.
Browse the full “Smart City Market by Application Area (Transportation, Construction, Power Management, Water & Waste Management, Healthcare, and Others) and by Component (Hardware, Software, and Service): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024“ report at https://www.zionmarketresearch.com/report/smart-city-market
The Asia Pacific is expected to grow at a substantial rate from 2018 to 2024 in the global smart city market. Developing economies such as China and India have a great potential for the smart city market. Investments in China’s construction industry grew by about 2% in 2017 from 2016. The Indian government is also taking initiatives to boost the construction sector by allocating a budget of about USD 92 billion in 2018 as compared to USD 59 billion in 2017. Further, the foreign direct investment in the Indian construction sector has also increased. In 2018, “The Asian Infrastructure Investment Bank” announced an investment of USD 200 million in India’s construction sector. This quantum is projected to rise during the forecast period. Indian government’s investments in smart city project rose by almost 54% in 2018 from 2017. Government initiatives are expected to drive the market in this region. Thus, the growth of the smart city in the Asia Pacific will be imminent.
Latin America is projected to contribute substantially to the growth of the smart city market. As per the standards of “Smart City Organizations” such as ISO (37120), healthcare sector plays a vital role in measuring the overall smart city score. The Government of Chile is also focusing to associate KPIs with the city’s medical infrastructure. Thus, medical applications in the smart cities are expected to witness significant investments from the respective governments. Brazil and Argentina are anticipated to be the key contributors to the growth of this market in Latin America. Smart city market in the Middle East is expected to propel owing to the economic development of countries such as UAE and Saudi Arabia.
Some of the major participants in the smart city market are Honeywell International Inc., ABB Group, General Electric Company, Cisco Systems Inc., Siemens AG, SAP SE, Schneider Electric SE, Microsoft Corporation, IBM Corporation, and Alstom SA, among others.
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The report segments the global smart city market as follows:
Global Smart City Market: Application Area Segment Analysis
- Power Management
- Water & Waste Management
Global Smart City Market: Component Segment Analysis
Global Smart City Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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