What's the fastest growing part of the smart cities market? Reports about the growth of the smart cities market, it might seem, since virtually every market research firm has jumped in to begin reporting on the sector. The latest comes from GBI Research, which confirms the rosy predictions we've all seen elsewhere. Each research firm has its own definition of the market. This firm includes the subsectors of smart grids, smart homes, smart buildings, smart healthcare, smart education, smart transportation, smart security, and smart industry automation. At the Smart Cities Council, we'd add smart water, smart waste management and smart communications as well. -- Jesse Berst
GBI says its new report - Smart Cities Market to 2017 – Smart Security Segment to Flourish as Interoperability Standards and Public Private Partnerships Promote Growth – sees security as a core product within the smart cities market due to the growing complexity of data management, and the resulting threat of viruses and malware.
The smart city market saw strong growth at a Compound Annual Growth Rate of 15% from 2012 onwards, according to GBI, and revenue is expected to reach US$1,026.3 billion by 2017. The researchers believe the smart security portion of that will account for a significant 29.2%, reaching a value of US$298.3 billion by 2017.
Smart security, according to GBI, includes:
- Urban security components, which protect citizens in public places
- Infrastructure security components, which protect the networks and systems vital for a city’s economy
Urban security acts to prevent crime and violence through intelligent security solutions such as surveillance sensors, access controls and security networks. But infrastructure security components, notes GBI, are of vital importance to the working of all smart city infrastructures which include things like electricity grids, rail transport, hospital communications and water systems.