The Relentless Growth of Smart City Market

What exactly are smart cities?

Human advancement is never-ending; so is its need for more resources and a better lifestyle. And this is where smart cities are coming into play more and more. Smart cities are everything that people require for an overall better quality of life. Smart cities are using technology and human activity data to make every aspect of life efficient, including infrastructure, energy management, transportation, without compromising the environment as it takes into account all the eco-friendly measurements.

Growth of smart cities market

Feeding on to these human needs are the marketers and investors, that include all the big names across diverse markets like technology, power services, water services, and prefabricated homes.

The global smart city market is only increasing due to the efficient and revolutionary ways in which companies are providing and using the resources. The market is expected to grow more than twofold to $2250 billion in 2022 from $1010 billion in 2018, making the Compound Annual Growth Rate (CAGR) grow to 22% between this period. At the helm of the services that are required for smart cities are power grids, the Internet of Things (IoT) that requires GoogleCloud Platforms, and smart cities assessment other than water services and prefab homes.

Smart cities with their many benefits are also going to create a large number of job opportunities, especially in the IT sector as professionals are required in one of the major services that are the Internet of Things.

Smart city market around the world

New smart cities are being established all over the world, making the market global. The Asia-Pacific region is expected to be the largest smart city market in the coming years, owing to the large population of the region. So the countries like China, India, Japan, South Korea, and Australia are expected to be driving a large portion of the smart city markets.

Another factor that drives the smart city market is the population living in urban areas and no other country has more population living in urban areas than Canada with 81%. So North America is expected to be another region, driving the smart city market, with US cities like New York, Los Angeles, and Chicago; and Canadian cities like Toronto, Ottawa, and Vancouver.

Major smart cities project and companies

There are a sizeable number of smart city projects going on around the world, that are providing footsteps for the success of the smart cities concept. These projects are not only private but several government-run projects are also leading the way. Europe is leading the way in the number of projects going on with 84, closely followed by the Asia-Pacific region where 74projects are going on.

Some of the big names investing in smart city markets includeAmazon, Uber, Google, Walmart, Tesla, Panasonic, Bluhomes, IBM, Wipro andCisco.

So the smart cities are practically the future of the world that is taking everything and everyone in its fold, for the good of mankind. The future bright, the market blooming, it is expected to revolutionize the living standards and we hope no one is left behind in this astonishing future.

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