A smart city is a combination of smart environment and advanced technology. Smart cities deploy IT-based devices to develop critical infrastructure of a city, which includes facilities such as smart education, smart building, smart transportation, smart water, smart electricity, smart health, smart governance, and smart energy. Smart city applications include smart education, smart energy, smart building, smart security, smart transportation, smart healthcare, and others. Smart cities offer improved infrastructure for optimal utilization of energy, thus motivating countries to adopt the same. Thus, these factors are expected to boost the global smart cities market growth in the near future.
Clean technology or Cleantech startups offer novel products and services that can increase productivity and efficiency, while keeping environmental impact minimum. A number of Cleantech startups have realized the growth potential in global smart cities market and are focused on development of products and services exclusive to smart city applications.
Penetration of digital technologies has accelerated the demand for digitization around the globe. Digitization aids in information sharing and enables connectivity between devices, which is one of the primary requirements of smart cities. Furthermore, governments of various countries are focused on launched digitized platform for e-governance. For instance, the Government of India has set up e-Governance platform under The Digital India Programme to support citizens. This platform includes features such as e-Locker, e-Office, e-Sign and mobile governance.
However, challenges associated with funding are expected to restrain growth of the global smart cities market during the forecast period.
This report segments the global smart cities market on the basis of component and application. On the basis of component, the global smart cities market is segmented into hardware, software, and services. On the basis of application, the market is segmented into smart security, smart building, smart transportation, smart governance, smart energy, smart healthcare, smart water network system, and smart education.
Key features of the study:
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