Technology is playing a critical role in the development of cities today. Emerging technologies such as AI, cloud computing, robotics, and IoT help smart cities with advanced information and communication technologies. This helps to enhance sustainable development and quality of life.
According to a Research And Markets report, the global market size of smart cities is expected to reach $3,000 million by 2024, with a strong CAGR of 21 percent over the forecast period.
Research has shown that hardware components were the world’s largest revenue generators in the smart cities market compared to others. In addition, smart governance was the largest contributor to revenue in 2017 among various types of applications. In addition, smart energy applications are expected to continue to contribute the largest revenue in the smart utility category during the forecast period.
The expansion of towns and rapid urbanization are the main drivers of intelligent and smart solutions. The increasing demand for smart urban solutions is expected to be driven by factors such as an increasingly urban population, the need to manage limited natural resources efficiently, and to focus more on environmental sustainability. The rising adoption of new technologies that complement future city management is an important catalyst for the growth of an industry. One of the key factors contributing to the growth of the market is the increasing installation of smart meters. Smart meters can be integrated with an IHD or in-house display to provide immediate information on the use of gas and electricity at homes. The increasing popularity of smart industrial automation is expected to fuel the market in a variety of manufacturing industries.
Many new players and several small and medium-sized players have entered the smart cities market. The leading players focus on technological improvements in organic and inorganic growth strategies in particular. IBM Corporation, ADT Corporation, Cisco Systems Inc., Oracle Corporation, AT&T Inc., SAP SE, Intel Corporation, General Electric, Schneider Electric SE, and Xerox Corporation are some of the major companies operating in this industry.