Smart Cities Market To Witness Incremental Dollar Opportunity Of US$ 900 Bn In T
Posted by VISHAL PAHURKAR on December 15th, 2020
The United Nations data suggests that the proportion of people living in cities across the world will rise from approximately 50% in 2018 to 75% in 2050. This rise in urban population impacts overall infrastructure and resources as governments are trying to cope up with the influx of new inhabitants and improve their living standards. They are thus looking forward to development of smart cities, with key focus on digital transformation of urban ecosystem to meet environmental, financial, and social outcomes. In line with this, the global smart cities market was valued at ~US$ 900 Bn in 2018, and is projected to expand at a whopping 18% CAGR during the forecast period (2019-2029).
However, lack of infrastructure development in various countries of the Middle East & Africa and Latin America, coupled with high price point associated with replacement of existing infrastructure with smart infrastructure, will remain thee key factors limiting the growth of smart cities market.
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Key Takeaways - Smart Cities Market Study
As the smart cities market is continuously becoming more competitive and diverse, continuous developments of the digital ecosystem in and around cities will create potential opportunities for businesses and governments to deploy new services and solutions. Moreover, public private partnerships and collaborations aiming at delivering infrastructure and services specific to smart cities will shape the market growth through specialized skills and high capital investments.
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Focus of Key Players on Product Innovation
Key players in the smart cities market are
They captured around 45-50% of the total market share in terms of value in 2018. These companies are focusing on product innovations through partnerships and collaborations with local and regional players to enhance their geographic footprints. In January 2019, Cisco Systems formed a partnership with Iteris to deploy an edge-processing IoT solution in the city of Las Vegas, improve traffic flow, and reduce congestion.
About the AuthorVISHAL PAHURKAR
Joined: February 24th, 2020
Articles Posted: 284
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