NEW YORK, Jan. 17, 2022 /PRNewswire/ -- The smart city ICT infrastructure market value is set to grow by USD 55.89 billion from 2021 to 2026. However, the growth momentum is expected to decelerate at a CAGR of 15.40% during the forecast period, as per the latest report by Technavio.
The demand for sustainable ICT infrastructure is increasing steadily across the world with the emergence of mega and smart cities. For instance, in the US alone, there are around 300 applications deployed across cities such as Los Angeles, Boston, and Seattle for reporting catastrophes like violence, nuisances, potholes, and other civic amenities for better surveillance and sustainability. In addition, the rising awareness about the need to adopt technologies to transform cities into greener, affordable, inclusive, and sustainable will drive significant demand in the market during the forecast period.
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Smart City ICT Infrastructure Market: Growing investments in smart cities
The increase in industrialization and urbanization has led to a rise in the migration of people from rural areas to cities. This is increasing concerns about waste management, air pollution, health risks, and aging infrastructure. To overcome such challenges, governments across the world are making significant investments in smart city solutions. For instance, in 2021 the Indian government announced its plans to invest USD 28.31 billion in smart city projects. Similarly, in June 2020, Huawei signed an agreement with a Saudi investment firm, Batic Investments and Logistics Company to work together to provide smart city platform solutions and services across Saudi Arabia. Many such investments are expected to drive the growth of the market during the forecast period.
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Regional Market Analysis
With 39% of the growth originating from Europe, this region will record a slower growth rate during 2021-2026.
The rising adoption of connected cars and the increasing adoption of sensors in the automotive industry are expected to boost the growth of the smart city ICT infrastructure market in Europe. The increasing adoption of smart education and healthcare solutions will further accelerate the growth of the regional market.
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Smart City ICT Infrastructure Market: Segmentation Analysis
This market research report segments the smart city ICT infrastructure market by component (smart utilities, smart transport, smart home and building, and others).
By component, the smart utilities segment led the smart city ICT infrastructure market in 2021, followed by smart transport, smart home and building, and others. The segment is driven by the growing focus on energy conservation, increased consumption of energy, and government policies and incentives favoring the deployment of smart grids worldwide. Also, the benefits offered by smart grids such as enhanced cyber security and efficient management of various electricity sources are driving the adoption of smart utilities, which is fueling the segment growth.
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Smart City ICT Infrastructure Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 15.40% |
Market growth 2022-2026 |
USD 55.89 billion |
Market structure |
Fragmented |
YoY growth (%) |
16.43 |
Regional analysis |
Europe, North America, APAC, MEA, and South America |
Performing market contribution |
Europe at 39% |
Key consumer countries |
US, UK, Germany, Spain, and Japan |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
AT and T Inc., Cisco Systems Inc., Hitachi Ltd., Honeywell International Inc., Huawei Investment and Holding Co. Ltd., International Business Machines Corp., Nippon Telegraph and Telephone Corp., Oracle Corp., Siemens AG, and Verizon Communications Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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