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Smart Cities: Latest Market Trends and Statistics

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Smart cities

Smart cities are relatively new in the urban development jargon and can be defined as technologically-advanced urban regions. A smart city leverages existing and new infrastructure and technologies to develop and deploy services such as libraries, schools, hospitals, water and waste management. A primary feature is using sensors to collect real-time data on the use of services. Strong human capital, social capital, and advanced information and communications technologies are required to build a smart city.

The goal of the smart city applications is to improve city services and transform urban areas. A smart city creates sustainable economic development and a high quality of life by excelling in key areas like the economy, mobility, the environment, day-to-day living and government.

The global smart cities market is forecast to reach $1,134billion over the next few years.

Key vendors in the smart cities market include Honeywell, IBM, Oracle, Accenture and Cisco.

Key Segments

The key segments of the smart home market are smart buildings, security, infrastructure, governance and healthcare.

Smart buildings — This segment consists of green, energy efficient and intelligent buildings with advanced automated infrastructures that control and manage aspects such as lighting and temperature, security and energy consumption independently or with minimal human intervention.

Smart security — Technology and solutions such as video surveillance, public safety long term evolution, and managed security services that are designed to protect people, property, and information are included in this segment.

Smart infrastructure — This segment includes intelligent and automated systems that manage and communicate with different types of infrastructure, such as water, energy and transportation.For instance, smart transportation enables intelligent mobility through the use of innovative integrated technologies and solutions such as low emission cars and multimodal transport systems.

Smart governance — Government policies and digital services which help and support the adoption of green and intelligent solutions through incentives, subsidies or other promotions are core elements of smart cities.

Smart healthcare — eHealth and mHealth systems for health monitoring and diagnostics, together with intelligent and connected medical devices, compose the smart healthcare segment. It also involves the implementation of policies that encourage the health, wellness, and wellbeing of citizens.

Regional Market Shares

North America, Europe and Asia are the major regions for smart city development.

North America is the global pioneer in smart city development. Stringent government regulations to reduce carbon emissions are one reason for the growth of the smart city market in this region. Due to increases in the development of the transportation sector and water infrastructure, this key regional market is expected to increase by more than 10% annually over the next few years.

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Parent industry: Urban Development
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