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According to the latest market research report released by Markets and Markets, the global smart city market reached $308 billion in 2018 and is expected to increase to $717.
2 billion by 2023, with a compound annual growth rate of 18.
4%
during the period.
The penetration of smart city solutions will continue to grow
rapidly due to increasing demand for public safety and communication infrastructure, increasing citizen empowerment and participation, and increasing urban populations.
In smart cities, technologies such as video surveillance, DNA phenotyping, real-time license plates, and facial recognition are widely used for public safety, thus demonstrating the need for surveillance to ensure the safety
of citizens.
Public safety includes not only crime prevention, but also safer conditions
for first responders.
In safe urban technology, drones are
in high demand.
For example, for the first time, the Los Angeles Fire Department used drones to accurately track the path of the Skirball fire to keep firefighters safe, assess damage and fight wildfires
.
Among the solutions, the connected vehicle segment is expected to grow rapidly during
the forecast period.
Connected vehicles, also known as vehicle telematics, are defined as the use of telecommunications and information across vehicles, such as passenger cars, buses, light commercial vehicles (LCVs), and medium- and heavy-duty commercial vehicles (M&HCVs).
Vehicle telematics solutions enable long-distance communication and data transmission
via wireless media.
The solution leverages the advantages of embedded technologies, mobile and telematics systems, and provides control
of vehicles on the move.
In terms of region, Asia Pacific (APAC) is expected to be the largest regional market
during the forecast period.
Growth in the region will be driven by the growing demand for smart city solutions such as connected cars, building energy optimization, and distribution management systems
.
In addition, a large number of small businesses are catering to the smart city market in the Asia-Pacific region, making it one of
the fastest growing regions.
The deployment of smart city solutions in different fields such as smart transportation, smart buildings, smart utilities, and smart citizen services has risen
in the Asia-Pacific region.
In the smart city market, developed and emerging market players include Cisco Systems (US), IBM (US), Siemens (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc.
(US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell (US), SAP SE (Germany), KAPSCH (Austria) and AGT International (Switzerland).
According to the latest market research report released by Markets and Markets, the global smart city market reached $308 billion in 2018 and is expected to increase to $717.
2 billion by 2023, with a compound annual growth rate of 18.
4%
during the period.
The penetration of smart city solutions will continue to grow
rapidly due to increasing demand for public safety and communication infrastructure, increasing citizen empowerment and participation, and increasing urban populations.
In smart cities, technologies such as video surveillance, DNA phenotyping, real-time license plates, and facial recognition are widely used for public safety, thus demonstrating the need for surveillance to ensure the safety
of citizens.
Public safety includes not only crime prevention, but also safer conditions
for first responders.
In safe urban technology, drones are
in high demand.
For example, for the first time, the Los Angeles Fire Department used drones to accurately track the path of the Skirball fire to keep firefighters safe, assess damage and fight wildfires
.
Among the solutions, the connected vehicle segment is expected to grow rapidly during
the forecast period.
Connected vehicles, also known as vehicle telematics, are defined as the use of telecommunications and information across vehicles, such as passenger cars, buses, light commercial vehicles (LCVs), and medium- and heavy-duty commercial vehicles (M&HCVs).
Vehicle telematics solutions enable long-distance communication and data transmission
via wireless media.
The solution leverages the advantages of embedded technologies, mobile and telematics systems, and provides control
of vehicles on the move.
In terms of region, Asia Pacific (APAC) is expected to be the largest regional market
during the forecast period.
Growth in the region will be driven by the growing demand for smart city solutions such as connected cars, building energy optimization, and distribution management systems
.
In addition, a large number of small businesses are catering to the smart city market in the Asia-Pacific region, making it one of
the fastest growing regions.
The deployment of smart city solutions in different fields such as smart transportation, smart buildings, smart utilities, and smart citizen services has risen
in the Asia-Pacific region.
In the smart city market, developed and emerging market players include Cisco Systems (US), IBM (US), Siemens (Germany), Schneider Electric (France), Ericsson (Sweden), Vodafone (UK), Itron Inc.
(US), Verizon (US), Telensa (England), ABB (Switzerland), Honeywell (US), SAP SE (Germany), KAPSCH (Austria) and AGT International (Switzerland).
