MarketsandMarkets™ published a new market research report on “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” the China smart cities market to grow from USD 30.4 billion in 2018 to USD 59.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 14.5% during the forecast period. The development of smart cities initiatives by governments, the grants and investments provided by the governments, and the need of rapid urbanization are some of the general drivers for the growth of the smart cities market in China. Apart from these drivers, institutional support, National Development and Reform Commission (NDRC) plans, and the ongoing pilot smart cities projects are expected to propel the market growth.
Browse 15 market data Tables and 47 Figures spread through 163 Pages and in-depth TOC on “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″
The video segment is expected to grow at the highest CAGR from 2018 to 2023. China is making progress in terms of improving the surveillance of its people by introducing capabilities, such as Artificial Intelligence (AI), and facial and gait recognition. The video camera segment is expected to grow at a higher rate during the forecast period. China is more focused on surveillance systems that connect security cameras nationwide via a cloud to the 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 players in the CCTV cameras and video surveillance equipment industry. In 2015, the Ministry of Public Security launched a project, aiming to establish a giant facial recognition database to identify any citizen within seconds; the project is still in under the development phase. The project aims to identify every one of its 1.3 billion citizens within 3 seconds.
The Chinese government is also taking efforts to boost the smart cities market in the country. The government is investing in the smart cities initiatives, such as the Belt and Road Initiative, Hangzhou’ City Brain, Xiong’an Smart City, Smart Shanghai, Smart Tianjin, Smart Yinchuan, Smart Shenzhen, Smart Guangzhou, Ningbo Smart City, and Beijing Smart City.
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) are some of the key players in the China smart cities market. These vendors are leveraging opportunities by launching new products, enhancing their existing portfolio, and by collaborating with technology vendors to expand their global reach in the market.
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