Global Smart Cities Market Analysis 2020-2025
Source: PR Newswire Published: October 22nd, 2020
This report evaluates the smart cities market including leading vendors and strategies (such as a single vs. multi-vendor centric approach), infrastructure, solutions, applications, and services. The report analyzes market factors driving solution adoption, technology readiness and fitness for use, and other considerations.
The report assesses the aforementioned factors to derive penetration and revenue to forecast market value for the period of 2020 - 2025. The report also analyses the role of technology accelerating digital transformation including AI, edge processing, 5G deployment and usage, and advanced data analytics.
Technological innovation is one of the driving factors for the development of cities. These innovations are also an important support for those searching for new ways to manage resources and deliver services. A lot of smart city technologies are being developed to manage specific issues in energy distribution, energy management, transportation management, and public safety. New generations of sensor networks, big data analytics, and IoT applications are being deployed in public and privately managed physical spaces to meet these requirements, though many challenges remain.
An important focus area for smart cities is technology infrastructure to enable smart utilities (smart grids, sanitation, water, and gas), smarter buildings, and workplaces. Systems and resources are intertwined as mobility, communications, energy, water, platforms, monitoring/control, performance management, predictability and forecasting all merge together. We see great synergy coming in public and corporate collaboration, but it will take up to twenty years to fully develop.
Major initiatives are beginning to make a substantial positive impact as critical milestones are achieved. This includes network and system interoperability, security and privacy controls, and technology integration. For the latter, one of the key areas that we see is the combination of AI and IoT forming "thinking" cities that rely upon the Artificial Intelligence of Things (AIoT). Industry verticals we see as early beneficiaries include utilities, public safety, and transportation. Specific AIoT-enhanced smart city solutions within these verticals are poised to improve the overall efficiency and operational effectiveness of delivery systems as well as human capital management.
Select Report Findings:
AI, IoT, and 5G (AIoT5G) will be the most influential technologies for smart cities
Smart transportation will be the top smart cities market application area through 2025
Significant transportation solution areas include Freight, Traffic, Parking, and Passenger Management
Fastest growing professional services for global smart cities is infrastructure maintenance, reaching $3.6B by 2025
5G, AI, and IoT investment in smart cities market represents 63%, 34%, and 52% for each technology area respectively by 2025
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