China Smart Cities Market Competitor, Share, Demand, Applications, Opportunities & Forecasts to 2023
The China smart cities market is projected to reach USD 59.9 billion by 2023 from USD 30.4 billion in 2018, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The market growth is largely driven by factors, such as 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.
The major vendors in this market include Advantech (China), Kontron (Germany), CRRC (China), Hollysys (China), Nari Technology (China), China Railway Electrification Engineering Group (China), Hikvision (China), Dahua Technology (China), and Seavo Technology (China). The major players widely adopted strategies, such as new product launches, partnerships, and mergers and acquisitions, from 2016 to 2018. They also adopted other strategies, such as collaborations, product enhancements, and new product developments, to expand their presence in the smart cities market in China. This helped them expand their consumer base and address the unmet needs of end users.
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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.
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.
In July 2018, the company partnered with Tokyo Electron Device Ltd. (TED) to promote edge computing for Artificial Intelligence of Things (AIoT). Advantech and TED are together developing and promoting Internet of Things (IoT) edge computing solutions, which are linked with Microsoft Azure platform.
Kontron is another prominent player in Embedded Computing Technology (ECT). It is a subsidiary of the technology group, S&T. The company offers a combined portfolio of secure hardware, and middleware and services for IoT and Industry 4.0 applications. The company provides secure and innovative applications for different industries, along with its standard products and tailor-made solutions based on highly reliable state-of-the-art embedded technologies. As a result, customers benefit from features, such as accelerated time-to-market, reduced total cost of ownership, product longevity, and fully integrated applications overall. Kontron caters to various industries, such as transportation, medical, infotainment, energy, defense, and communication and automation. In August 2018, Kontron acquired Inocybe Technologies to boost its Network Function Virtualization (NFV) and Software-Defined Networking (SDN) offering for telcos and Cloud Service Providers (CSP’s) and to expand its IT network operator customer base to help enterprises and smart cities deploy hybrid cloud infrastructures.
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