Kenneth Research, in its repository of market research reports, have recently added a report on Smart Cities Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Smart Cities Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Cities Market products.
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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
Smart cities are gaining market traction as there is a compulsive search for land to accommodate more than 7 billion people on the planet. The continued growth in the population, ill-planned cities, overcrowding in developing cities, and lavish lifestyle are resulting in enormous wastage of the natural resources. The loss of natural resources will eventually result in high cost of living, a rise in the level of pollution, and an increase in the crime rates. Thus, the governments in many countries have come up with a concept of smart cities, which will be enabled by the intelligent information and communication technology.
smart cities market in India to grow at a CAGR of 18.5% during the forecast period. The market is segmented into city types and applications.
As stated in the report, India is one of the fastest and largest growing markets for smart cities due to the initiatives and the use of technology. The Tier 2 metro cities will have the highest growth rate due to the declaration of government initiatives and private investments from the software providers. Moreover, the Government of India has already planned and mentioned the first 20 smart cities.
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The market is evolving mainly due to the increasing adoption of Internet and mobile phones and the growing demand for energy-efficient sources to safeguard the Earth’s limited resources. These situations have offered tremendous opportunities for the smart cities players across the world to invest hugely in the market and achieve their business goals.
The report covers the present scenario and the growth prospects of the smart cities market in India during the forecast period 2017-2023. Moreover, to calculate the market size, the report considers the revenue generated from the sales of the following solutions:
o Smart Governance
o Smart Education
o Smart Security
o Smart Energy
o Smart Infrastructure
o Smart Mobility
o Smart Healthcare
o Smart Building
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Cisco Systems, Google Inc., General Electric, Panasonic, Honeywell International Inc., Microsoft Corp., IBM Corp., ABB Ltd., SAP SE, and Apple.
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