Rapid growth of automation, smart applications, and digitization of processes are expected to shape the smart cities market in India to grow at a CAGR of 18.5% to aggregate $47.70 billion by 2023
Deployment models, such as private, public, and hybrid cloud, are boosting the smart cities market in India. Additionally, the rising demand from SMEs and governments, economic growth, and scalable resources are the prime factors driving the growth of the market.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Smart Cities Market in India – Drivers, Opportunities, Trends, and Forecasts to 2023” (September 2017).
According to Infoholic Research, the smart cities market in India will experience significant growth during the forecast period due to the increasing demand for high-performance computing, increasing reliability, stability, and supportability, reduction in ongoing cost, elimination of traditional systems and manual processes, and better security. The Smart Cities Market revenue in India is expected to grow at a CAGR of 18.5% during the forecast period 2017–2023 to touch an aggregate of $47.70 billion by 2023.
[caption id="attachment_7105" align="aligncenter" width="591"] Smart Cities Market revenue in India is expected to grow at a CAGR of 18.5% during the forecast period 2017–2023 to touch an aggregate of $47.70 billion by 2023[/caption]
Smart cities utilize the Internet and digital technology for improving the quality of life of the people, improving the performance of the services, and reducing the cost by optimizing energy consumption. The aim of the framework is to have access to good connectivity and get real-time information for setting up an effective and efficient management system, thereby establishing a smooth relationship between employees, end-users, service providers, and administrators. It ensures that the organizations will engage in improving the productivity and enhanced services by equipping cities with the basic infrastructure.
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A smart city is enabled with highly advanced technology encompassing a network of sensors, cameras, wireless devices, IT infrastructure, and data centers to efficiently provide essential services, such as electricity, water supply, sanitation, recycling, and transportation, and ensure their effective management. The smart cities market has tremendous opportunities for growth especially in developing countries of APAC and MEA. In addition, the heating control systems and roller shutters are gaining market traction due to security and energy concerns. The smart cities are becoming popular due to the initiatives taken by the government. Some of the technologies gaining market traction are Z-Wave and Insteon. For instance, smart building refers to buildings with appliances, lighting, and electronic devices that can be remotely controlled. The electronic devices include audio & video entertainment system, camera & security systems, laptops, and other electronic mobile devices. The smart building devices are connected to each other and are accessible through a common central point, which enables all the devices to be controlled by a single building automation system.
The increased investments in IoT, Wi-Fi, Bluetooth, and RFID are enhancing the shift toward smart building and smart homes with large vendors such as Samsung, Vodafone, Panasonic, and Honeywell entering the market, thereby fostering technology growth and adoption. For instance, Bharti Airtel is planning to enter the market with investments and new opportunities, while Samsung has announced that 90% of its products would connect to the Internet by the end of 2017
TABLE 1 Smart cities market in India revenue by applications, 2017–2023 ($billion)
“The smart cities market is an attractive industry for technology providers, investors, service providers, application providers, and content providers to expand their business in core operations. The application segment holds enormous opportunities in the next 5–6 years due to the rising penetration of cloud adoption, digital technology, IoT, and advanced technologies.” – Pradeep Singh, Senior Research Analyst at Infoholic Research
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The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies
- The report analyzes the smart cities market in India according to the applications and city types
- The report analyzes the top 10 players in terms of market reach, business strategy, and business focus
- The report provides stakeholders’ insights and key trends (current and future) of the market