Global Smart Communities Market 2016-2020

Market overview of smart communities

Technavio’s research analyst predicts the global smart communities market to grow at a CAGR of more than 18% during the forecast period. The need to save energy is a key growth driver for this market. Smart communities are implementing ICT solutions to reduce carbon footprints, reduce power consumption, and to improve the quality of life. As citizens are becoming increasingly aware of resource scarcity issues, the focus has shifted to develop digital infrastructure services that conserve resources. Energy consumption has been increasing at a very high rate as a result of the increased usage of electronic devices for home and entertainment purposes. Smart grid technologies are enablers of smart power management systems and can aid in managing and reducing power consumption.

The increased adoption of IoT is anticipated to have a positive impact on the growth of this market by the end of 2020. IoE, a superset of IoT technologies, is used to connect people, processes, things, and data through a centralized system that integrates IT systems and applications. IoE is helping to provide a platform where people can connect to social networking sites over the Internet for community development. For instance, Cisco, a pioneer in ICT solutions for smart cities, is collaborating with the city of Nice, France, and other local industry partners to provide IoE platforms for the smart city project. The project is expected to help develop the city by providing services, such as smart lighting and smart waste management.

Competitive landscape and key vendors