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Global Smart City ICT Infrastructure Market to Expand at 17.12% CAGR from 2016 to 2020 owing to Rapid Urbanization

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Published on : May 27, 2016

ALBANY, New York, May 27, 2016: A new report, titled ‘Global Smart City ICT Infrastructure Market 2016-2020,’ featured on ResearchMoz.us states that this market is expected to expand at a 17.12% CAGR during the period from 2016 to 2020. The market will be driven by factors such as rapid urbanization and the evolution of Internet of Things (IoT).

A smart city is primarily an urban development vision, developed to incorporate multiple information and communication technology (ICT) solutions in a secure manner. The primary aim of building a smart city is to offer an improved quality of life by using various technologies. Smart city applications are designed and developed with an aim to improve the organization of urban flows. 

The sudden growth in the urban population is expected to increase the demand for basic amenities such as healthcare, education, transportation, and residents’ safety. With the growing advancements in digital technology, two-way communication has become possible. The advent of digital technology has also introduced machine-to-machine interactions that provide many services such as smart water management systems, smart building systems, and smart transportation systems. All of these together help build a smart city. 

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The concept of a smart city is a generalized framework to support the vision of governments of many nations, product providers, managed service providers, network providers, and IT players. The introduction of the Internet of Things has helped these groups to form a smart city as per individual needs. Thus, the evolution and rapid adoption of IoT have benefited the global smart city ICT infrastructure market in the recent past. Going forward, leading players are expected to create their mark in the global market with new smart city ICT infrastructures. Players such as ABB, AT&T, China Mobile, Cisco, Hitachi, Honeywell, Huawei, IBM, NTT Communications, Oracle, Siemens, Verizon Communications, Vodafone, HP, Microsoft, Schneider, Electric, Telefonica, and Toshiba currently have a marked presence in the global smart city ICT infrastructure market. 

By region, the global smart city ICT infrastructure market is divided into EMEA, APAC, and the Americas. Factors such as the increasing adoption of tablets and wireless technology and consumers aspiring for a higher standard of life are predicted to propel the global smart city ICT infrastructure market in the years to come. However, the complexity of data management and certain security concerns are predicted to restrict the growth of the global smart city ICT infrastructure market in the near future. 

Going forward, the introduction of advanced equipment, growing mergers and partnerships between new entrants and leading players, the availability of self-help smart applications, and the rising standards of interoperability are anticipated to benefit the global smart city ICT infrastructure market. The growing number of telecommunication vendors, technology and networking equipment providers, and power and automation technology vendors are predicted to benefit the global market for smart city ICT infrastructure.

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