Global Smart City ICT Infrastructure Market 2017-2021
About Smart City ICT Infrastructure
A smart city is a city that has undergone development projects to integrate information and communication technology (ICT) and Internet of Things (IoT) in a secure system to manage the assets of cities such as libraries, schools, transportation systems, hospitals, power plants, water supply networks, waste management, and law enforcement. Smart city projects require the installation of millions of devices, machines, and sensors.
Technavio’s analysts forecast the global smart city ICT infrastructure market to grow at a CAGR of 17.44% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart city ICT infrastructure market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart City ICT Infrastructure Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart city ICT infrastructure market: Cisco Systems, IBM, Oracle, Huawei, AT&T, China Mobile, NTT Communications, Verizon Communications, Vodafone, ABB, Hitachi, Honeywell International, and Siemens.
Other Prominent Vendors in the market are: Accenture, Nokia, Deutsche Telekom, Ericsson, HP, Microsoft, Schneider Electric, Telefónica, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is partnership among countries to develop smart cities. One of the major trends in the market is the partnership among countries to develop smart cities. In April 2017, Kuwait announced an agreement with South Korea to build a $4 billion smart city in Kuwait. The construction of the smart city will begin in 2019 under the supervision of private and public-sector companies in South Korea such as Hyundai Architects, Engineers Associates, and POSCO A&C.”
According to the report, one driver in the market is growing need for smart cities. Rapid industrialization and urbanization have led to several engineering, economic, social, management related, and environmental challenges. To overcome these challenges, there has been a need to transform cities into smart cities. A smart city encompasses aspects sustainability, energy management, intelligent transport facility, security, and environmental protection. The rapid urbanization has led to the development of mega cities. Urbanization means a shift of people from rural areas to urban areas.
Further, the report states that one challenge in the market is need for energy conservation. The advances in technologies have led to a rise in automation and digitization. Advanced engineering technologies and systems are used to monitor and control daily processes. Growing energy consumption has created the need for energy-efficient solutions in day-to-day processes. The collection of huge amount of data from machines and the provision of feedback to properly monitor and rectify loopholes has become essential. For smart cities to run efficiently, real-time access to information and analysis is required, which is possible with the support of an integrated system environment.
Cisco Systems, IBM, Oracle, Huawei, AT&T, China Mobile, NTT Communications, Verizon Communications, Vodafone, ABB, Hitachi, Honeywell International, and Siemens, Accenture, Nokia, Deutsche Telekom, Ericsson, HP, Microsoft, Schneider Electric, Telefónica, and Toshiba.