LONDON--(BUSINESS WIRE)--The global smart city ICT infrastructure market is expected to grow at a CAGR of more than 17% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global smart city ICT infrastructure market for 2017-2021. The market is segmented based on components, which includes smart grid, smart home and building, smart water network, smart healthcare, smart education, smart security, and smart transport.
The smart city concept recognizes the importance of ICT in economic competitiveness. The increase in the demand for improved lifestyles and urbanization are some of the factors driving the need for smart cities. Also, the migration of people from rural areas to urban cities for better basic amenities is creating a scarcity of non-renewable resources. This is also driving the need for better planning of the resources. Smart city projects are completed in phases, and it involves different building blocks. Smart city projects help in effective management of energy, water, transport, health, building, security, and education.
Technavio’s ICT research analysts categorize the global smart city ICT infrastructure market into the following segments by regions:
- Americas
- EMEA
- APAC
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Americas: largest smart city ICT infrastructure market
Rapid urbanization has posed several challenges for city planners as they are expected to plan cities in a cost-effective manner sustaining the sustainable growth. In order to meet such demands, most of the cities in the Americas have turned to the concept of smart city. The demand for big data analytics solutions and services is on the rise in the Americas.
“Analytics solutions, smart energy solutions, data management, and smart building environment are provided by the IT players. Some of the major smart cities in North America are Seattle, Columbia, Boston, San Francisco, Washington DC, Toronto, New York, Vancouver, Portland, Chicago, and Montreal,” says Amrita Choudhury, a lead analyst at Technavio for research on enterprise application.
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Smart city ICT infrastructure market in EMEA
IT services in smart cities in EMEA are growing at a significant rate. European Commission's smart cities and community initiatives have set the smart city agenda for the European cities. This agenda involves strategies for sustainable growth of smart cities in Europe. The European government's smart funding scheme called as European Investment Bank-European Innovation Partnership (EIB)-EIP has partnered with Belfius Bank and has launched smart cities and sustainable development programs in Belgium.
“Nine cities around Europe, including Amsterdam, have collaborated on an EU funded project known as Smart Cities and Open Data Reuse. The main aim of the project is to accelerate the development of innovative solutions and establishing common standards for EU countries. Also, emphasis is placed on the delivery of public services through data sharing and innovative software solutions,” adds Amrita.
Smart city ICT infrastructure market in APAC
The smart city ICT infrastructure market in APAC will grow at a CAGR of 19.62% during the forecast period. The market is witnessing a high growth in APAC, and some of the factors driving the market growth are rapid urbanization and number of emerging economies that are preferring smart city initiatives.
The emerging economies, such as India, are developing policies to attract foreign direct investment (FDI) for initiating smart city projects to generate high revenue. With the help of smart city projects, the government will reap long-term benefits of sustainable development and reduced costs. Some of the important countries that are taking the smart city initiative are China, India, Singapore, Australia, and Taiwan.
The top vendors in the global smart city ICT infrastructure market highlighted in the report are:
- Cisco Systems
- IBM
- Oracle
- Huawei
- AT&T
- China Mobile
- NTT Communications
- Verizon Communications
- Vodafone
- ABB
- Hitachi
- Honeywell International
- Siemens
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