Published on : Oct 24, 2016
ALBANY, NY, Oct 24, 2016: The research report titled “Global Smart City Market 2016-2020,” has recently been featured on ResearchMoz.us. It delivers key insights about the market such as its current size calculated by factoring in revenue generated from components such as smart energy, smart security, smart education, smart mobility, smart infrastructure, smart building, smart governance, and smart healthcare.
Porter’s Five Forces analysis that studies the competitive rivalry in the industry, supplier power, buyer power, and threat of substitutes, and threat of new entrants has been leveraged to understand the dynamics of the market. All these, have been combined with industry experts’ opinions to scope out the market for smart cities in the upcoming years. Based on it, the report forecasts that the global smart city market would expand at an impressive CAGR of 19.65% from 2016 to 2020.
The report describes a smart city as one that utilizes information and communication technology, including mobile networks, to promote quality life in a sustainable manner. Making use of modern technology such as the Internet of Things (IoT) and 4G LTE broadband, smart cities make better use of data captured from various sources, like people, vehicles, weather and infrastructure to generate better insights. This enables efficient administration vis-a-vis security, traffic control, economic activities, and even natural disasters, when they strike. The report segments the market into the following: smart infrastructure, smart governance, smart energy, smart education, smart healthcare, smart building, and smart mobility.
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It studies each of the segments separately using Porter’s Five Force analysis and revenue generation. It also forecasts their growth scope from 2015 to 2020. The smart building segment is poised to grow exponentially in the forecast period. Green buildings, which are created using resource-efficient techniques to reduce impact on environment, are becoming increasingly popular in North America, Asia Pacific, and Europe.
The report also segments the market based on geography into the Americas; Asia Pacific (APAC); and Europe, Middle East, and Africa (EMEA). Among them, Europe is slated is see impressive market growth, followed by APAC. The report describes the growth drivers of the market. Technological advancement in the field of cloud, IoT, mobility, and sensors is one of them. Besides, speedy urbanization resulting from population pressure, government initiatives, concerns over reckless energy consumption, and decrease in operational cost for smart building infrastructures in capacity expansion are also leading to growth in the market.
The factors hobbling the market for smart city are operational inefficiency due to corruption, money constraints and unhelpful policies in emerging economies and absence or lack of robust telecom and networking infrastructures. Having described the opportunities and problems of the global smart city market, the report goes on to describe the prominent players in the market, namely Ericsson, Google, ABB, Siemens, GE and IBM.
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