Global smart city market value will reach one trillion US dollars in 2016

There are more than 700 cities in the world with a population of over 500,000, and their growth rate is fast at the average rate of population growth in the central city. According to a recent study released by Markets and Markets, a market research company, it is estimated that the funds for investing in these "smart cities" in the next 20 years will accumulate 30-40 trillion US dollars.

Smart cities can be viewed as metropolitan cities that provide a range of next-generation services and infrastructure through information and communication technologies (ICTs), conceptually different from urban management, technological innovation, economic interests, social standards, and environmental standards.

The report points out several major components within the category of smart cities for smart transportation, smart security and smart energy management. With the gradual strengthening of environmental awareness among citizens and the government, more stringent regulatory measures will also be introduced to reduce the carbon footprint, which will drive the sound development of the market. In addition, the benefits of smart technology in achieving management and resource management are also another important advantage of smart cities due to traditional urban infrastructure.

According to the report, the overall market value of smart cities in 2011 was 526.3 billion U.S. dollars, and it is expected to double in 2016 to reach 1.0234 trillion U.S. dollars, and the compound annual growth rate for 2011-2016 will reach 14.2%. The report pointed out that smart energy (management) will become the fastest growing market in all application areas of smart cities. In 2016, the compound annual growth rate is expected to reach 28.7%, and the market value will be expanded to 80.7 billion US dollars. (Figure)

In addition to the rapid application of smart technologies in smart cities, we have also found that there is an exponential increase in the market for supplementary services. The service market includes traditional services (maintenance and maintenance, replacement and installation, update and upgrade or operation outsourcing), high-end services (consulting), and software services (business analysis, cloud computing, etc.). Software applications in smart cities demonstrate the trend of digitally integrating several discrete systems. Industrial giants such as IBM and Accenture have begun to enter this highly promising area and begin to take the lead in the market. The report also found that some of the leading infrastructure companies, such as ABB, Siemens, Alstom and Schneider, and advanced technology vendors such as Cisco, have begun to set foot in the relevant market areas of smart cities and began large-scale deployment.

The progress of smart energy, smart transportation and smart security is the driving force of smart cities in the secondary market. In 2016, the smart energy management market is expected to grow from US$22.9 billion to US$80.7 billion. During the same period, the smart transportation and smart security market will also increase to US$ 68.8 billion and US$ 307.2 billion, respectively.

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