The smart city management includes various solutions for energy management, transport management, security, etc. The solutions are provided with the help of integrated benefits of IT and communication technologies.
The technology solutions are becoming popular in the market due to rising concerns regarding automated management of city related activities and security. It gives competitive edge to entities involved in city management and facilitates their routine work with improved efficiency and precision.
The research assists stakeholders to identify most lucrative market segments so that appropriate business plans can be formulated.
The market growth is expected to be driven by factors such as increasing migration to urban regions and rising energy related awareness.
The market faces limitations due to security related concerns and inadequate engagement of stakeholders. However, the market has better growth potential due to increasing adoption of automotive IT, green infrastructure, etc.
Smart Cities Market by Application
From applications perspectives, the market is classified according to applications such as smart homes, energy management, industrial automation, healthcare, transportation, security and others. The market is mainly driven due to smart transportation applications.
In future, smart transportation as well as energy management applications segments would continue their market growth.
Smart Cities Market by Geography
Geographically, the market is categorized as per regions such as North America, Europe, Asia-Pacific and LAMEA. The market at present is lead by North American countries due to early adoption of smart cities technology solutions and is expected to drive the market even in future.
Asia-Pacific region is expected to experience higher growth in future.
Companies are adopting product launch strategies to penetrate into the market. For example, Siemens AG has launched intelligent communication solutions for smart cities.
Some of the companies present in the market are Siemens AG, Honeywell International, Inc., ABB LTD., Alcatel-Lucent, Accenture PLC, Cisco Systems, Hitachi Ltd., General Electric, Ericsson Inc. and Intel Corporation.
High Level Analysis
The research presents detailed analysis of the market using Porter’s five forces model. Degree of bargaining power of consumers is expected to increase due to enhancements in service portfolio offerings.
Threat of substitutes is low/moderate, due to absence of feasible alternative. Threat from intersegment rivalry is high due to entry of multiple strong brands in the market.
Threat from bargaining power of suppliers is estimated to be low due to presence of numerous branded players. The higher investment costs and presence of branded players would limit the entry of new entrants in the market.
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