Smart City Market Scope:
Market Research Future (MRFR) has examined all the latest trends and opportunities in the Global smart city and concludes that it can reach a remarkable valuation of USD 1933 Billion during the forecast period (2016-2022).

A number of technologically advanced cities are making extensive of the Internet of Things (IoT) platforms with the objective to track city infrastructures, manage parking, traffic flows as well as water and air quality among others. smart cities market size large-scale use of the resulting smart data in an attempt to deal with longer-term planning decisions that are based on environmental sustainability. Therefore, with the fast move towards urbanization, the number of smart city initiatives as well as projects can be expected to surge in the coming years.

Rising urbanization results in need to monitor infrastructure as well as assets, which prompts countries to make considerable investments in smart city projects. The recent reports by Consumer Technology Association reveal that the worldwide amount spent on smart city developments can touch a valuation of USD 34.35 billion by 2020.

Backed by the Internet of Things (IoT), Artificial Intelligence (AI) is being leveraged, which is able to unlock a host of opportunities in cities, such as adaptive energy systems, smart healthcare, and autonomous vehicles. With that said, the market growth rate in the near future can face a roadblock owing to the security concerns pertaining to the deployment of smart devices. On a brighter note, the market stands to benefit from the industries' renewed interest, availability of advanced technology coupled with increasing participation of market stakeholders.

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Smart City Market Prominent Vendors:
Some of the prominent vendors that are responsible for the growth in the global smart cities are IBM Corporation (U.S.), Oracle Corporation (U.S.), AT&T Inc. (U.S), Siemens AG (Germany), Huawei Technologies Co Ltd. (China), Microsoft Corporation (U.S), Cisco Systems, Inc. (U.S.), to mention a few.

Smart City Industry Trends:
5G is expected to promote the latest smart city applications, including smart meters, parking, traffic management, public safety (surveillance cameras), waste management, coordination of departments for emergency services, and 5G small cell densification. Well-known companies such as Uber, Grab and Netflix were developed since fiber, and 4G mobile wireless infrastructure helped support their services. But with the growth in bandwidth as well as coverage ubiquity, 5G can be expected to foster similar innovations in the following years.

Smart City Market Segmentation:
• Component and application are the top segments considered while studying the global smart city market in the MRFR report.
• Market segmentation depending on component includes software, service and hardware. The hardware component forms the biggest market and has the potential to attain a growth rate of 30.65% during the review period.
• Market segmentation, application-wise covers transport, utility, residential, government, healthcare education, and others. Between these, the transport application is the leading segment in the market and can expect to accrue a CAGR of approximately 30.34% by 2022.

Smart City Regional Insight:
The geographical distribution of the worldwide market for smart city can be considered for Europe, Asia Pacific (APAC), North America, in addition to the Rest of the World (RoW).

The smart city analysis can achieve the highest growth trajectory in North America during the given timeframe, as the region is considered to be a bellwether of various aspects of smart cities. High concentration of highly regarded companies like IBM Corporation, Honeywell International Inc., and Microsoft Corporation among others, has resulted in strong market growth in the region. Besides, the companies in the region are working diligently in favor of smart city technology, giving intense efforts in an attempt to gain an upper hand in the market. To illustrate, Curiosity Lab at Peachtree Corners has entered a partnership with the Taiwan-USA Industrial Cooperation Promotion Office to encourage advanced smart city as well as intelligent mobility technologies. The former is a 5G-backed autonomous vehicle and smart city living laboratory.

The smart city market in Europe is powered by growing investments in the transportation industry. In the year 2016, close to 18% of the total sales of worldwide vehicles came from Europe. The next year, the number of vehicles sold in the region surged by roughly 3.3%, which can increase further during the conjectured time frame. Given the surge in the number of vehicles, the European Commission in 2017 decided on investment of close to USD 3.1 billion in transport projects, while investment of approximately USD 1.6 billion has been proposed for transport infrastructure. Thus, the thriving transportation sector in the region is expected to induce market growth for smart city in the years to come.

The APAC market for smart city is believed to hold the maximum potential to gain the fastest growth rate in the ensuing years. The fast-paced market growth in APAC is in response to the rising number of initiatives along with high investments by governments. With recent developments like higher availability of low-cost internet of things (IoT) sensors, distributed hybrid multi-cloud IT architectures, artificial intelligence (AI), the smart city innovation in the region continues to advance significantly. Reports suggest that APAC is the fastest gaining region in the worldwide economy, accounting for about 51% of the total online population. Apart from this, environmental risk is prompting the region’s governments to increase their focus on smart urban planning as well as solutions. As a result, the government bodies in the region are now more willing to invest in smart city initiatives and even enter partnerships with the private sector.

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