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Europe's smart cities market forecast to 2022 made available by top research firm

Europe's smart cities market forecast to 2022 made available by top research firm

Smart city is an urban development vision comprised of information and communication technology to reform and modify city assets and resources for betterment of citizens. Increasing urbanization, growing environmental concerns and resource scarcity and high number of aging population is boosting the smart city market.

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The smart city vision consists of some restraints that may hamper the market growth that includes lack of telecom and network infrastructure in developing countries and high capital investment is rendering the market growth.

Smart city market is segmented on the basis of components that includes hardware, software and service.

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The study indicates, hardware components accounts for highest market share whereas software component is expected to be fastest growing in the smart city market.

Hardware component is dominating the market owing to increased demand of hardware components for gathering data required for analysis. This data is captured by hardware components that includes sensors, counting system or other hardware equipment for analysis.

For installation of every software onto any system needs the hardware components thus making it highest segment holder.

The global smart city market provides services for maintenance of hardware components required in smart cities. The service segment consists of networking services but it is observed that service segment is expected to grow once the smart cities are developed.

According to the study, the emerging opportunity in the growth of smart city market includes increased adoption of internet of things (IoT) and rise in usage of big data analytics and artificial intelligence for data management is fueling the market growth.

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