Smart City Market: Introduction
- A smart city is an urban zone which uses different types of electronic systems and sensors to collect data. The smart city concept combines information and communication technology and several physical devices linked to Internet of Things networks to enhance adeptness of the city operations and services.
- The smart city concept is gaining important market prominence, mostly due to increasing demand for smart living, which has become a trend. Smart living involves advancements that impact people’s lives, enabling them to lead a new way of life.
- Smart city inventions encourage the usage of emerging technologies such as Internet of Things (IoT), Artificial Intelligence (AI), big data, cloud storage technologies and data analytics to collect and analyze data and use key information for managing assets, services and resources.
- The world is succeeding in becoming smarter where everything is linked digitally so cities are also converted to smart cities at a deeper level. The smart city mission permits development of local areas, leading to smart results.
- Governments across the globe are taking initiatives to work on smart city projects to increase economic growth by making cities smarter.
- The smart city market is expected to progress at a rapid pace in the upcoming years, due to innovation in technologies and increasing digitalization in numerous sectors across the globe.
Smart City Market: Dynamics
Smart City Market: Key Drivers
- Smart city plans majorly depend on telecommunication infrastructure setup as well as the implementation of connecting technology with the help of IoT. Each town needs to have efficient network and communication protocols to provide the necessary coordination and control of the various systems components.
- Smart city technology plays a major role in mitigating issues in towns such as water pollution, transportation issues, traffic congestion, enabling efficient electric supply, etc. by setting up the centralize systems in the city.
- Currently, various sectors are focused on the implementation of Industry IoT, which is expected to create new opportunities for the smart city market during the forecast period.
Impact of COVID-19 on the Smart City Market
- Increasing cases of COVID-19 all over the world is causing financial concerns. Technologically innovative countries are extremely inflated this pandemic. Businesses have been affected because of lockdown in most countries. Hence, COVID-19 has shifted the whole focus of businesses toward IoT. This, in turn, is anticipated to ultimately boost the smart city market, during COVID-19, in the next few years.
North America to Hold a Major Share of the Smart City Market
- In terms of region, the smart city market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the worldwide smart city market in 2020. Factors such as presence of many prominent technology providers and equipment manufacturers in the U.S. and the usage of latest technologies such as Internet of Things (IoT) and artificial intelligence (AI) among end-users boosts the growth of the smart city market in the North America region.
- The smart city market in APAC is anticipated to grow at a rapid pace during the forecast period. Combined initiatives and prominent funds by various governments in the region push market growth, increasing the number of smart city projects. The fast growing economies in the region increases the market share. This is expanding the growth of the market in the APAC region, and consequently enhancing the smart city market.
Smart City Market: Competition Landscape
Several local, regional, and global players are active in the smart city market with a strong presence. Hence, the market is diversified in nature. Rapid industrial advances have created remarkable forecasts in the smart city market. Market players are concentrating more on collaborations, mergers, and acquisition activities with established companies to advance innovative solutions in order to improve their offerings and market reach
Key Players Operating in the Smart City Market Include:
- Schneider Electric
- Google LLC
Smart City Market: Research Scope
Smart City Market, by Component
- Professional Services
- Managed Services
Smart City Market, by Deployment
Smart City Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Smart City Market, by End-user
- Smart Government
- Smart Healthcare
- Smart Agriculture
- Smart Buildings
- Smart Transportation
Smart City Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.