A smart city is a well-connected city that deploys various information and communication technologies to share information among public and improve the quality of government services as well as citizen welfare. This technology has been widely adopted in recent years to improve public safety which can range from monitoring areas of high crime rates to improving emergency preparedness with sensors and many more.
The global smart cities market is accounted US$ 1069.4 Bn in terms of value in 2019.
Because of the widespread adoption of security and transportation solutions among its customers, the smart infrastructure category dominated the entire smart cities market share in 2017. Furthermore, smart energy is predicted to expand at the fastest rate during the forecast period.
North America dominated the overall smart cities market in terms of revenue in 2017 due to widespread adoption of smart cities solutions, which was aided by high ICT investment among government organisations and a high demand for linked solutions throughout the region. However, due to factors such as increased IT investment supported by government initiatives in emerging economies such as China, Singapore, India, and South Korea, Asia-Pacific is predicted to experience the fastest growth rate throughout the projection period.
Segment review
The global smart cities market is segmented based on functional area and region. Based on functional area, it is categorized into smart governance & smart education, smart energy, smart infrastructure, smart mobility, smart healthcare, smart building, and others.
Key players involved in the global smart cities market are Microsoft Corporation, Toshiba Corporation, AT&T, Inc., SAP SE, Cisco Systems, Inc., Philips Lighting, Ericsson, Huawei Technologies Co., Ltd., Panasonic Corporation, General Electric, Oracle Corporation, Hitachi Data Systems Corporation, and IBM.
Covid-19 impact on the Smart Cities market
Governments across the world have been deploying smart city technology to fight against the Covid-19 outbreak, as it can be used to track the spread of the virus and the implementation of medical strategies.
Several smart cities have been using smart city platforms, including various technologies such as heat maps, GPS systems, and aerial surveillance to monitor Covid-19 patients.
The advanced contact tracing systems with the use of data gathered from various sensors and cameras to reduce infection rate without implementing complete lockdown.
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