According to a research report "China Smart Cities Market by ICT Components (Hardware, Software, Services), Segments (Smart Infrastructure, Smart Transportation, Video), Market Overview, Trends, Vendor Ecosystem Analysis, and Smart Cities Initiatives - Forecast to 2023" published by MarketsandMarkets, The China smart cities market is projected to reach USD 59.9 billion by 2023 from USD 30.4 billion in 2018, at a CAGR of 14.5% during the forecast period. Growth in this market is mainly driven by the increase in population, need for rapid urbanization, and governments’ investment and several policies to speed up the successful implementation and development of smart cities projects.
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The smart infrastructure segment has the
largest market share and is growing at the third highest CAGR during the
forecast period.
Continuous developments in
mobile apps that are based on advanced technologies, such as Fifth Generation
(5G), Internet of Things (IoT), and cloud computing, and IT outsourcing are the
booming areas within the software segment of China Smart City. Moreover,
Zhongguancun, Beijing, Shanghai, and Hangzhou are the regions posing an
increasing trend for the software segment.
Key market players in
smart infrastructure: Hollysys, Nari Technology, China Railway Electrification
Engineering Group
The smart transportation segment is the prime
focus of smart city development in china with about 70% of projects are
concentrated towards transportation sector transformation.
The hardware market is
going to cover the majority of investments in smart transportation. It is more
than 80% of the overall smart transportation market. However, the services
market is the highest growing market in smart transportation segment during
forecast period. In smart transportation, majority of ICT investments are
taking place in smart mobility areas. Sharing and renting sub-market is
comprises the majority of market share in smart mobility; followed by
intelligent traffic management (Automatic Number Plate Recognition (ANPR) and
accident prevention) which has the second highest market shares.
Key market players in
smart transportation: Advantech, Kontron, China Railway Rolling Stock
Corporation (CRRC)
China video market segment is currently
spearheading in terms of new use
China is making progress to improve
the surveillance of its people by adding of AI, facial, and gait recognition
capabilities in its security and system. China is more focused on the
surveillance system that will connect security cameras nationwide via the cloud
to a database of every person’s facial ID profile and a file of their personal
details. Hangzhou based Hikvision a video surveillance company is one of the
prominent player in world CCTV camera and video surveillance equipment market.
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North
America region to record the highest market share in the network slicing market in 2020
North
America is one of the most technologically advanced regions in the world.
Consumers based in this region have readily adopted 4G-enabled smartphones that
make the region as one of the established and most advanced mobile regions in
the world. According to the Ericsson Mobility Report published in 2017, North
America records the largest use of smartphones, and traffic per smartphone is
expected to increase from 7.1GB per month by the end of 2017 to 48GB by the end
of 2023. The increasing number of internet subscribers, expanding mobile data
traffic, and growing government emphasis on enhancing telecommunications
infrastructure to meet the users’ demand for seamless connectivity would drive
the market to a great extent in the region. Further, the region is expected to
be the early adopter of 5G services in areas such as AR/VR, autonomous driving,
and AI owing to the high customer digital engagement.
Key
and innovative vendors in the network slicing market include Nokia (Finland),
Ericsson (Sweden), Huawei (China), ZTE (China), Samsung (South Korea), Blue
Planet (US), Parallel Wireless (US), Affirmed Networks (US), Mavenir (US),
Argela (Turkey), Cisco (US), HPE (US), Tambora Systems (Singapore), AMDOCS (US)
and Aria Networks (UK)
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