Dublin, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The "Smart Cities Market by Strategy, Technology, and Outlook for Solutions, Applications and Services 2020 - 2025" report has been added to ResearchAndMarkets.com's offering.
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.
The majority of the world's population lives in an urban area and this is projected to grow to 71% by 2050. Global metropolitan areas are facing unprecedented challenges as the pace of urbanization is increasing at a pace that is testing the ability of city planners to meet the current and anticipated needs of its citizens. In addition, the enhanced mobility of modern society has created extreme competition between cities to attract skilled residents, corporations, and related jobs.
Smart cities represent a combination of solutions deployed in an urban environment to transform the administration and support of living and working environments to meet these challenges. Accordingly, Information and Communications Technologies (ICT) are transforming at a rapid rate, driven by urbanization, the industrialization of emerging economies, and the specific needs of various smart city initiatives. Smart city development is emerging as a focal point for growth drivers in several key ICT areas including AI, IoT, connected devices, broadband wireless, edge computing, and big 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.
Optimizing systems and services for the smart cities market will be an ongoing process. This is because developing a smart city represents an ongoing transformation process in which the correct environment for smart solutions to be efficiently accepted takes shape over a period of decades. Sustainable smart city technology deployments depend upon careful planning and execution as well as monitoring and adjustments as necessary.
For example, feature/functionality must be blended to work efficiently across many different industry verticals as smart city solutions address the needs of disparate market segments with multiple overlapping and sometimes mutually exclusive requirements. This will stimulate the need for both cross-industry coordination as well as orchestration of many different capabilities across several important technologies.
AI and IoT companies
Data analytics companies
ICT infrastructure suppliers
Communication service providers
National, state and local government
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
Select Report Benefits:
Smart City forecasts 2020 - 2025
Identify opportunities for ICT vendors
Identify the market drivers for Smart Cities
Understand the technologies supporting Smart Cities
Understand the impact of smart cities on ICT evolution
Amplia Soluciones SL
Analog Devices Inc.
Arista Networks Inc.
Bosch Software Innovations GmbH
Clarity Movement Co.
Emerson Electric Co
HCL Technologies Ltd
Koninklijke Philips NV
Oorja On Move
Proclivis Technology Solutions
Schneider Electric SA
Spatial Labs, Inc.
Valor Water Analytics
Where Is My Transport
For more information about this report visit https://www.researchandmarkets.com/r/jtp4a2
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