HOME Research Insight Partnerships and Collaborations have been the Prominently used Strategies by Major Vendors in the Smart Cities Market.

Partnerships and Collaborations have been the Prominently used Strategies by Major Vendors in the Smart Cities Market.

Various focus areas in the smart cities market, such as transportation, buildings, utilities, and citizen services, are more digitized and improvised with the deployment of smart solutions based on the technologies – IoT, cloud, mobile, and sensors. Smart solutions are expected to drive the smart cities market growth at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period.

The smart cities market provides lucrative opportunities for solution providers. Exponential growth is projected in this market with an evolving market for various smart city-related technologies in emerging economies in Asia Pacific and other regions. However, factors such as lack of robust telecom and networking infrastructures in those countries may limit the market growth.

Partnerships and collaborations have been the prominently used strategies by major vendors in the smart cities market. Mostly, the partnerships are carried out between vendors and government organizations.

International Business Machines Corporation (IBM; US) has been a prominent player in the smart cities market for which the company has adopted both organic and inorganic strategies to attain sustainable growth in the market. Collaborations and partnerships are the prevalent strategies used by IBM in this market. For instance, in April 2017, IBM and Dublin City University (DCU) formed a collaborative R&D pilot project to leverage IoT benefits for protecting water resources. In January 2017, Echelon and the IBM Watson IoT group formed a collaboration to develop a superior streetlight control platform for smart cities.

Technological giants such as Cisco Systems Inc. (U.S.) have created various smart cities-related products to tap growth opportunities in this market. The company has adopted various growth strategies, mainly mergers and acquisitions and new product launches. In March 2016, Cisco launched an open, extensible, and software-driven architecture that helps businesses in fast innovations, which would reduce the cost along with its complexity, thus eventually reducing risks.

Huawei, another major player in the smart cities market, aims to become a global technology leader in the smart cities market by using its technical expertise in the field of communications network, cloud computing, and information collaboration. It operates in 3 business segments: carrier business, consumer business, and enterprise business. The carrier business segment includes development and manufacturing of a wide range of wireless networks, fixed networks, carrier software, and core networks. In October 2015, Huawei and Infosys jointly launched a Smart Stadium Solution that would provide high-speed Wi-Fi access along with the provision of smart services.

Related Reports:

Smart Cities Market by Focus Areas, Transportation (Types, Solutions, Services), Utilities (Types, Solutions, Services), Buildings (Types, Solutions, Services), Citizen Services (Types), and Region - Global Forecast to 2022

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