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Big Data in Smart Cities Market Size Forecast to Reach $800 Million by 2026

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Big Data in Smart Cities Market Size Forecast to Reach $800 Million by 2026

November 05
23:47 2021
Big Data in Smart Cities Market Size Forecast to Reach $800 Million by 2026
Big Data in Smart Cities Market
Rising Deployment of Cloud Computing Driving the Growth of Big Data in Smart Cities Market.

The Big Data in Smart Cities Market Size is forecast to reach $800 million by 2026, growing at a CAGR of 35.6% from 2021 to 2026 due to rapid increase in consumer and machine data developments. The Big Data market in smarter cities is driven by the growing adoption of big data analytics by governments to enhance smart cities and improve the living standards of people. Smart cities are cities that are built on smart and intelligent solutions and technology which leads the adoption of smart governance, smart energy, smart building, smart mobility, smart infrastructure, smart technology, smart healthcare and smart citizen. Smart cities corresponds to the integration of Internet of Things (IoT) and Big data analytics to make cities smarter and more sensible. Smart cities comprises the basic necessities and higher technologies for effortless and quality living. Big Data offers the valuable insights from large amount of data collected through various data generators to facilitate the building of smart cities. 

Big Data in Smart Cities Market Segment Analysis – By Applications

The Big Data market for Smart Cities is dominated by the city planning segment with a CAGR of 38.1%. In city planning and operations segment, many resources have become scarce or expensive. Hence, it becomes necessary to integrate solutions into the planning and operations of a city to have a controlled utilization of the resources. Technological systems such as enterprise resource planning (ERP) and geographic information system (GIS) are integral. It becomes easy to spot waste points and distribute better resources while controlling the costs and reducing the consumption of natural resources and energy. The smart city applications are also designed for interconnectivity and data collection, which can make collaboration easier across applications and services. This results in a better planning of workspaces, locations, and more efficient transportation systems.

Big Data in Smart Cities Market Segment Analysis – By End Use

The Smart Cities are leveraging Big Data to raise strong presence in competitive market. But leveraging data analytics is not only the sole part, addressing the challenges will lead industries towards growth. The race towards being smart is not only in technology but also in the infrastructure, is making people to adopt big data in transforming their cities into smart cities. As people are looking towards future, making their life easier, are adopting big data in day to day activity. The deployment of Big Data for Smart Infrastructure solutions to enhance the efficiencies of smart city development will be a major driver of the market growth.

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Big Data in Smart Cities Market Segment Analysis – By Geography

North America is expected to dominate the Big Data Market in Smarter Cities over the forecast period with a share of 38.1% in 2020, as many cities in the region are becoming smarter. Asia-Pacific is expected to be the fastest growing market for Big Data during the forecast period due to the growing number of smart cities in developing countries such as India, China, and Korea. With increasing overcrowding in cities, transportation will play a key role in decongesting smart cities of the future. With Big Data, the flow of transportation – both private and public – through the cities can be monitored closely to identify areas and times of high congestion, allowing effective solutions can be chalked out.

Big Data in Smart Cities Market Drivers

Rising Deployment of Cloud Computing

The large amount of unsaturated data are collected and stored in the cloud or data center using data bases such as Hadoop and NoSQL. Parallel and Distributed algorithms, programming models can be used as data analytics for processing large data sets to obtain the value from stored data. IoT bridges the gap between the data generators and receivers through network technology. The IoT when integrated with cloud computing and big data analytical capabilities will enable the provisioning of innovative public and private services.  One of the current trends in the Big Data Market in Smart Cities is the usage of Cloud computing as a storage to cut short the investment made on building a new infrastructure. It can be combined with IoT for the services such as providing a platform for service, software and infrastructure as a service. Cloud computing has made big data analytics approachable to everyone. Other technology such as ApacheS4, Strom and Spark streaming which can enable data storage and processing has been recently adopted to setup the seamless communication between the sensing devices. Governments of various countries are focusing on big data in smart cities as it can help in identifying the traffic snarls, energy consumption, infrastructure and citizen requirement. This technology will certainly grow and revolutionize the way of living, infrastructure, governing and thinking approach.

Rising Urbanization leading to increased efficiency requirement

Smart cities have played a key role in transforming the life of humans. The shift from traditional computing to a sophisticated computing with increase in connecting devices and sensors has made viable for living in smart environment. The urbanization does not depend not only on physical infrastructure but also on communication and social infrastructure. The big data and Internet of Things (IoT) has played an important role in the workability of smart city initiative by offering large amount of data collected through various sources. Such data mostly include the unstructured data collected by other means. IoT allows the integration of sensors, actuators, radio frequency and Bluetooth in real environment by highly networked services. The rising urbanization has also made the need for efficiency come more to the forefront of smart cities and thus big data plays a growing role in smart city development.

Big Data in Smart Cities Market Challenges

Concerns Regarding Data Privacy

The biggest challenge with Big Data is the sensitive issue of data privacy and security, which most organizations are facing.  Privacy concerns are cropping up as companies feed more and more consumer and vendor data into advanced, AI-fuelled algorithms to create new bits of sensitive information, unbeknownst to affected consumers and employees. This is especially prevalent in smart city sector where a significant amount of consumer data is present and where consumer data collection has been at the forefront in terms of big data challenges. These data privacy concerns will hinder the adoption of Big Data in Smart Cities solutions.

Big Data in Smart Cities Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Big Data In Smart Cities Market. Accenture, Dell, Huawei Technologies, Sidewalk Labs, Cisco, SAS Institute LotaData, Qlue and HAAS Alertare considered to be the key players of the Big Data In Smart Cities Market.

Acquisitions/Technology Launches/Partnerships

In May 2020, Cisco expanded solutions to improve the performance of big data and analytics solutions, and help increase efficiency in IT operations

In June 2019, Sidewalk Labs used cutting-edge technology to create new standards of sustainability and economic opportunity.

Key Takeaways

Smart city planning can serve many customers in a city. It provides better customer experiences, which can boost the performance of businesses.

 The deployment of ICT in smart cities will provide useful solutions. This factor will boost the demand for big data analytics in smart cities.

Smart city big data analytics can be beneficial for transportation systems – for optimizing routes and schedules. Moreover, they can also be used to make the cities more environmentally friendly.    

Big Data gained centre stage with the advent of the social web and the emergence of interconnected devices that have almost overnight created a world where data of all types of information exists, particularly personal.

Related Reports:

A. Big Data Support Services Market 

https://www.industryarc.com/Report/17919/big-data-support-services-market.html

B. Big Data Infrastructure Market 

https://www.industryarc.com/Report/17940/big-data-infrastructure-market.html

For more Information and Communications Technology Market reports, please click here

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