Smart Cities Market: Growth, Market Demand, Key Players and Industry Forecast for 2018-2023
The Smart Cities Market has witnessed substantial growth, owing to need for public safety and communications infrastructure, increasing number of government initiatives and PPP models for smart cities, growing adoption of connected and smart technologies in smart cities initiatives,optimizing the use of energy during peak hours, and citizen empowerment and engagement.
Smart cities integrate multiple technologies, the government, and societies to enable various characteristics such as smarter economy, smarter mobility, smarter environment, smarter people, smarter living, and smarter governance. The components considered for factor analysis that are expected to support the market growth include recent developments, regulations, startup ecosystem, smart city adoption, urbanization, collaborations, tier 1 companies’ contribution, and IT spending.
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Every city needs to ensure that communications platforms are established and accessible to realize the concept of smart cities in an open and resource-efficient manner. Access to a modern, basic infrastructure for data communication is the key component for every city aiming to become “Smart.” For instance, fixed networks, mobile networks, and dedicated networks for IoT-applications will be critical for such cities.
Due to numerous ongoing smart city projects, stakeholders such as city planners, governments, and research institutes are facing the challenge of having uncleared goals raising the problem of strategic planning. As most of the smart city projects are at the introductory phase of their lifecycle, it is really crucial to have clear goals and Key Performance Indicators (KPIs) to achieve such goals. The success or failure of a smart city project is difficult to measure, as their KPIs are not predefined by the smart city stakeholders.