Technavio, a tech-focused market research firm, has published a new report on the global smart city market, which is expected to experience significant growth rate with a CAGR of around 20% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global smart city market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global smart city market into the following key regions: EMEA, the Americas, and APAC.
Geographical segmentation of the global smart city market for 2015 ($ billions)
|
EMEA |
248.1 |
|
Americas |
224.5 |
|
APAC |
118.2 |
Source: Technavio
EMEA: largest revenue generating region for smart cities
The availability of high-speed wireless networks and increased smartphone penetration in the region is the fundamental driving force behind the growth of the smart city market in EMEA. The rise in the number of connected cars owing to the presence of an electric car subsidy in Europe is also propelling the growth of the smart city market in EMEA. The market in this region is anticipated to showcase significant growth with a CAGR of almost 22% during the forecast period and is expected to account for a market revenue of around $665 billion by 2020.
According to Abhishek Sharma, a lead analyst at Technavio, specializing in research on machine to machine (M2M) and connected devices, “The global market is currently witnessing an upsurge in the deployment of smart grids. Smart grids include grid applications such as SCADA systems, smart energy meters, and other communication networks. These devices enable utilities with complete control in managing digital assets present in the field. India, the US, China, France, Spain, and Germany are some of the key countries leading the smart grid deployment movement.”
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Smart city market in the Americas
The smart city market in the Americas is expected to witness a significant growth to account for an estimated market revenue of over $523 billion by 2020. The market is driven primarily by the by the need for energy management solutions, availability of low-cost devices, and wireless DIY installations in the region. The availability of affordable DIY smart home automation products is expected to make IoT a more feasible option in the Americas, leading to the growth of the smart cities market in the region. Currently, smart TVs account for a 49% share of the US and Canada market. The share is expected to increase over the next few years with smart TVs offering the added functionality of a computer. The smart city market in the Americas is expected to post a CAGR of more than 18% during the forecast period.
Smart city market in APAC
The market in APAC has immense potential for growth with respect to the adoption of smart cities. The market’s growth in this region is driven primarily by the increasing rate of urbanization, especially in countries such as India and China, and the subsequent need for economic and environmental development. Governments of APAC countries are investing increasingly in the development of cities and are proposing numerous central government programs aimed at promoting the urban development.
Southeast Asian countries such as Indonesia, Malaysia, Singapore, and Thailand are investing in intelligent transportation systems, smart grid technologies, smart buildings, and smart water management systems. Furthermore, Australia and China are investing in modern ICT infrastructure to support smart city projects. China’s attempt at poverty alleviation has resulted in rapid urbanization is also attracting investments from local banks and foreign investors. The smart city market is APAC will post a CAGR of more than 17% to account for a revenue of almost $261 billion by the end of the forecast period.
The top leading vendors operating in the global smart city market are:
- ABB
- Cisco
- Ericsson
- GE
- Huawei Technologies
- IBM
- Microsoft
- Oracle
- Schneider Electric
- Siemens
Other prominent vendors in the market include Accenture, Aeris Communications, Nokia, Digi International, HCL, Hitachi, Honeywell, HP, Jasper Technologies, KORE Wireless, LG, Mercedes-Benz, NEC, Novatel Wireless, NTT DATA, SAP, Sierra Wireless, Telefonica, Vodafone, and Wipro.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart City Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart City ICT Infrastructure Market 2016-2020
- Global Smart Lighting Market 2016-2020
- Smart Parking Market in Western Europe 2016-2020
- Global Smart Water Management Market 2016-2020
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