LONDON--(BUSINESS WIRE)--According to Technavio’s latest report, the global smart city ICT infrastructure market is expected to exceed USD 712 billion, growing at a CAGR of over 17% during the forecast period.
According to Amrita Choudhury, lead analyst at Technavio for enterprise application research, “The smart city concept is a framework of urban development. The concept recognizes the growing importance of ICT in economic competitiveness.”
Increasing demand for improved lifestyles and urbanization are some of the factors creating a need for the smart city concept. Smart city projects enable effective management of energy, water, transport, health, building, security, and education so as to make optimum use of non-renewable resources.
In this report, Technavio covers the present scenario and growth prospects of the global smart city ICT infrastructure market from 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market. The market is segmented into the following three regions:
Americas: largest market for smart city ICT infrastructure
The smart city ICT infrastructure market in the Americas is expected to reach USD 264 billion by 2020, growing at a CAGR of almost 15%.
Rapid urbanization brings lots of challenges for city planners, as they have to plan the city in such a way that the future residents will have sustainable growth in a cost-effective manner. In order to meet such demands, most of the cities in the Americas are turning to the smart city concept.
The demand for big data analytics solutions and services is on the rise in the Americas. IT players have a huge opportunity in offering smart energy solutions, analytics solutions, data management, and smart building environment.
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EMEA: the need for sustainable growth to boost demand
The smart city ICT infrastructure market in EMEA is expected to exceed USD 242 billion by 2020, growing at a CAGR of over 17%.
The European Commission’s European Innovation Partnership for Smart Cities and Communities initiative has set a smart city agenda for European cities. This agenda includes a strategy for the sustainable growth of smart cities in Europe.
The European Investment Bank-European Innovation Partnership, a smart funding scheme, has been developed. European Investment Bank, along with Belfius Bank, has launched smart cities and a sustainable development program in Belgium. The project is funded with approximately USD 453 million. The other European countries funded by this scheme are Germany, the UK, France, Italy, and Spain.
APAC: fastest growing market for smart city ICT infrastructure
The smart city ICT infrastructure market in APAC is expected to exceed USD 206 billion by 2020, growing at a CAGR of over 20%.
The market is witnessing huge growth in APAC. Some of the factors propelling the growth of the market in this region are rapid urbanization and increasing number of emerging economies that are choosing smart city initiatives. The emerging economies like India are developing policies to attract 100% foreign direct investment into smart city projects and generate huge revenues. “With the help of smart city initiatives, the governments are likely to reap long-term benefits of reduced costs and sustainable development. Some of the leading countries that are taking the smart city initiative are India, China, Australia, Singapore, and Taiwan, says Amrita.
In this report, Technavio, ICT market research analyst have divided the vendors into three categories:
- Technology and networking equipment providers
- Telecommunication vendors
- Power and automation technology provider
Some of the top vendors in the global smart city ICT infrastructure market are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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