The US$ 900 billion smart cities market is believed to take a whopping leap through 2026 end, reaching the revenue of over US$ 3,500 billion. The global smart cities market is estimated to observe a stellar rate of growth over 2018-2026, the CAGR has been expected to be around 19.8%, as concluded in a recently released outlook by Persistence Market Research (PMR).
Key Research Findings
- Tier 1 companies account for around 50% share of the total smart cities market revenue.
- Product innovation and expansion strategy will remain paramount for market leaders.
- Strong product footprint of leading stakeholders will uplift the smart security segment through 2026.
- Boosting market presence in rapidly developing economies, including China, India, Brazil, and Mexico will be a smart move.
- Bolstering inclination towards using renewable energy resources will create a heap of business opportunities in smart grids deployment.
- Market participants are likely to augment investments in smart automotive vehicles by partnering with leading automakers, to ultimately deliver smart transportation solutions.
As indicated by regional assessment provided in the research outlook, Chinese market for smart cities is expected to witness the most significant growth over 2018-2026. Asia Pacific, excluding China, will also exhibit a substantial growth rate during the projection period. Other regions with developing economies are likely to emerge as high-growth low-volume markets for smart cities. Latin America, Middle East & Africa, and some of the South East Asian countries are anticipated to encounter with high growth opportunities in next few years.
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“While smart security accounts for a maximum share of revenue in terms of application in the smart cities market, it is most likely that building, transportation, energy, and healthcare will emerge as the most lucrative facets of smart cities, in near future. Ongoing efforts in leveraging various state-of-the-art technologies for securing smart cities of future, will further push the growth of smart security segment,” states an expert research analyst at PMR.
Blockchain Enabled Data Security in Smart Cities to be the Next Big Thing
With a few classic examples of real smart cities such as Dubai, Singapore, and Songdo, the smart cities market participants are still struggling to provide end-to-end security to the massive amount of technologically created data. According to industry experts, the existing security management system is deficient, and may further emerge as a major obstacle in the growth path of smart cities. The industry has been constantly seeking a breakthrough technology that can potentially serve the purpose.
Blockchain is a promising technology; however, the practicality of the implementation of Blockchain technology in smart cities’ security, is still to be seen. The technology is expected to aid in streamlining of the entire city’s data on a common platform and ensure it to be un-hackable, which is anticipated to allow local governments to eliminate the need for the conventional electronic and paper-based transactions.
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Although using Blockchain technology for each transaction is unfeasible at present, some of the cities have already started deploying the technology in a set of transactionsn in order to achieve quick access, security, and transparency. Smart Dubai has a goal of operating a fully digitized payment system and digitized passports, in next few years. A twin approach is also expected to emerge as a preferred choice in near future, which combines traditional security methods with Blockchain system.