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Smart Cities Market Growing at a CAGR 14.8% | Key Player Microsoft, Schneider Electric, Intel, Oracle, Honeywell

Smart Cities Market Growing at a CAGR 14.8% | Key Player Microsoft, Schneider Electric, Intel, Oracle, Honeywell
Cisco Systems (US), IBM (US), Siemens AG (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), GE (US), Fujitsu (Japan), Oracle (US), SAP SE (Germany), Ericsson (Sweden), ABB (Switzerland), Honeywell (US), Google (US), AWS (US), AT&T (US), Nokia (Finland), Vodafone (UK), Itron (US), Verizon (US), Accenture (Ireland)
Smart Cities Market by Smart Transportation (Type, Solutions and Services), Smart Buildings (Type, Solutions and Services), Smart Utilities (Public Safety, Smart Healthcare, Smart Education, Smart Street Lighting, e-Governance), Smart Citizen Services, and Region - Global Forecast to 2025

A smart city refers to a city that efficiently deploys its Information and Communications Technology (ICT) infrastructure to improve the quality of life, along with augmented efficiency in urban operations and services, thereby ensuring that the needs of present and future generations for economic, social, and environmental aspects are met. An existing city can be considered smart only if it adheres to the following components: smart transportation, smart buildings, smart utilities, and smart citizen services. MarketsandMarkets forecasts the smart cities market size to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.

Among focus areas, the smart transportaion segment to grow at the highest CAGR during the forecast period

Transportation is a critical and essential part of any smart city project, as it is the main stake for fast and sustainable growth of an economy, allowing people to swiftly travel from one destination to another, alongside enabling goods and services to be effectively delivered. The smart transportation solutions provide an essential boost to the existing and new transportation infrastructural projects considering several factors, such as the rapid increase in urban demographics and the growing environmental concerns. The transportation systems are designed and implemented for smart cities and combine cutting-edge technologies to provide platforms that deliver real-time online information about the traffic flow and passengers/commuters. These solutions also enable efficient monitoring and smooth running of public as well as freight traffic to and from cities, thereby reducing delays/lags and cutting down overhead costs, such as maintenance. They also allow better management of peak traffic conditions, as well as, predict and prepare for heavy and lean traffic periods.

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Among smart buildings focus area, the services segment is expected to grow rapidly during the forecast period

The smart building services allow building administrators to plan and implement smart building solutions with minimum effort. Smart building solutions implemented with the help of professional service providers can be very effective and efficient. The benefits of employing smart building services include the need for implementing optimal solutions, resulting in improved building performance, reduced energy, and reduced operational expenditure (OPEX). The complex nature of various smart technologies deployed across cities and the need for custom solutions to implement smart city solutions in different cities are driving the demand for consulting and deployment and integration services.

In the smart cities market, the key and emerging market players include Cisco Systems (US), IBM (US), Siemens AG (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel, (US), NEC (Japan), GE (US), Fujitsu (Japan), Oracle (US), SAP SE (Germany), Ericsson (Sweden), ABB (Switzerland), Honeywell (US), Google(US), AWS(US), AT&T(US), Nokia(Finland), Vodafone (UK), Itron (US), Verizon (US), Accenture(Ireland), TCS (India), and Alibaba (China)

Strong dominance in the market: Siemens is one of the leading companies providing smart cities solutions. The company uses its automation and digitalization expertise in IoT in the smart cities market.  Wide range of product offerings: Siemens offers cutting-edge, smart data-driven services to its customers to provide unrivaled value-added benefits. Its offerings include rail vehicles, rail automation, road traffic management systems, and smart parking and tolling systems. Smart and intelligent mobility solutions increase the availability of infrastructure, optimize throughput, and ensure a superior passenger experience. The company’s mobility division addresses the ever-increasing need of the transportation industry using state-of-the-art, interconnected, and IT-based mobility solutions.

In March 2020, Siemens and NEC partnered for digital manufacturing. The partnership is aimed to provide AI monitoring and analysis solution to accelerate digitization in manufacturing through MindSphere, the cloud-based, open Internet of Things (IoT) operating system from Siemens, and NEC’s System Invariant Analysis Technology (SIAT).

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Cisco has a strong foothold in the market where it has major stakes in various smart city projects, globally. The company provides specifically designed smart and connected solution portfolios to various smart city projects. The company believes in offering innovative solutions to its clients. Thus, it has invested huge amounts in R&D activities. Cisco Connected Communities Infrastructure for cities offers validated network designs that create multiservice networks, specifically designed for smart cities and roadways. Cisco Smart+Connected City Lighting transforms LED light fixtures into sensor-equipped smart devices that can capture and transmit data in near real time. Cisco Smart+Connected City Parking provides intelligent parking services that address a city’s parking issues through technology, such as public Wi-Fi networks, video cameras, video analytics, and sensor-enabled parking management. Cisco Kinetic for Cities Urban Mobility provides real-time, configurable vehicle counts, and vehicle classification while producing a wide range of traffic density information. February 2020, Cisco and Connexin collaborated with Quantela for growth of smart cities in UK. Sheffield’s highway network adopted the UK’s latest IoT-based smart city technology. This solution is built on the CityOS platform, bringing together the best of breed capabilities from Cisco Kinetic and Atlantis smart city solutions from Quantela.

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