The industry research report presents the market overview and forecast for the global smart cities IT services market until 2019. The research report outlines the market shares for APAC, Americas, and EMEA. This report also presents an in-depth market study with an outline of the key trends and drivers impacting the market shares of the leading vendors, including Accenture, IBM, CISCO, Ericsson, and Oracle.
Technavio has released its new market research report, global smart cities IT services market, which is expected to grow at a CAGR of more than 18% between 2015 and 2019. The application of internet of things (IoT) and cloud computing in creating smart grids is a key contributor to the growth of this market. The smart cities IT services in the EMEA region is growing at a promising rate. The European commission’s ‘smart cities and communities’ initiative has set a new smart city agenda for Euro cities.
“IoT is gaining huge popularity in the smart city concept, where it aims to bring together people, data and processes by interconnecting them. IoT technology enables city planners to gain insights into different aspects of city management by enabling different devices to communicate to with each other. The technology is used to create different applications in the smart city such as smart parking, traffic management, waste management, smart roads, smart lighting, structural health of smart buildings, and smartphone detection,” says Navin Rajendra, Lead Analyst, ICT, Technavio Research.
Smart city projects include smart grid, smart water, smart transport and smart buildings. The smart city concept is gaining momentum owing to the rising demand for high quality life standard among people. The smart city projects promote various sustainability benefits such as use non-renewable resources, reduction in traffic and better insulated homes. Such a concept has expanded growth opportunities for several tech vendors, including system integrators, managed service providers, and network providers.
The leading vendors in the global smart cities IT services market include Accenture, IBM, CISCO, Ericsson, and Oracle. Since its inception, initiatives on smart cities are constantly evolving. Presently, a significant number of cities are in the process of empanelling vendors. The evolutionary nature of this market is likely to lead to issues pertaining integration of different components from a large pool of IT and telecom providers.
A more detailed analysis is available in the Technavio report, Global Smart Cities IT Services Market 2015-2019.
We can customize this reports by other regions and specific segments upon request.
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