Smart Healthcare
The smart healthcare category accounted for 8.02% of the global smart cities market revenue in 2019. The market valued USD XX billion in 2019 and is likely to reach USD XX billion by 2027, growing at a CAGR of XX% during 2020-2027
Smart healthcare is an advanced healthcare system, incorporating several aspects of public healthcare delivery mechanisms, through the use of data-based technologies. The concept evolved as a key integral part of the smart city program owing to its role in maintaining well-being of the citizens
The sole purpose of the process lies in the interconnection of people, materials and institutions related to public healthcare for the active management of the medical ecosystem in the area in an intelligent manner. It uses technologies such as IoT, wearable electronics, cloud computing, artificial intelligence and big data for effective connectivity, data gathering and analysis
Smart healthcare involves concepts such as telemedicine, remote patient monitoring, first aid alerts, data-based public health interventions, online consultation, and sanitation and hygiene
Electronic Health Records (EHRs) is the major constituent of the smart healthcare industry with extensive use across healthcare delivery systems globally. It helps the physicians in early detection, prevention and treatment of ailments in patients. EHR includes effective data management of patient medical records by means of AI and big data. Patient data include wide range of medical records from consultation letters to prescriptions, laboratory tests, scanning reports and medical bills
Patient-centric treatment models, easy and fast access to healthcare service and improved and extended care are some of the key benefits offered by incorporating these technologies in healthcare ecosystem
The industry is witnessing rapid growth with increasing investments from both public and private healthcare delivery systems. Vera Smart Healthcare proposed a USD 20 million investment in Indian smart healthcare market in November 2020. Named as V-Cube, the project include offering over 20 healthcare services through remote health services, virtual doctor care, home-based tests, nutrition consultation, and medication delivery in various Indian cities
However, data security and patient privacy has been the key concerns under the growth of smart healthcare industry. Cyber threats, unauthorized use of medical data, and data corruption are some of the factors hindering the patient trust towards these technologies
Smart Transportation
Smart transportation refers to the integrated application of technologies and management principles in transportation systems. It includes mobility of public and goods and involves concepts such as intelligent traffic management system, car navigation, automatic toll collection, automatic number plate recognition, container management system, smart parking, and several other safety mechanisms
These systems uses devices such as automatic vehicle identifiers, sensors, and cameras for precise and prompt data collection. The real-time data is pertaining to vehicle, road, or weather is gathered to generate informed decisions. Smart transportation reduces travel time and improves safety and comfort of the commuters
Smart transportation sector valued USD 52.65 billion in 2019 and is estimated to grow at a CAGR of 21.01% to reach USD 223.53 billion by 2027. The growth of the market can be majorly attributable to the increasing number of cities adopting smart transportation technology and rising urbanization
Cities such as Singapore, London, New York, Beijing, Paris, and Seoul are leading in the way of smart transportation market. Beside the advanced economies, intelligent traffic management is also gaining interest from developing countries, that are confronted with immediate need to improve road traffic management in cities
Intelligent traffic management system evolved as the most lucrative segment of the global smart transportation market. The segment is expected to witness a CAGR of 21.33% during the forecast period, owing to its role in management of vehicles in busy cities.
Increasing traffic congestion issues in metropolitan and cosmopolitan cities is driving the growth of smart transportation market across the globe. According to INRIX, a leading connected car analytics company, the estimated cost of traffic congestion in the U.S., U.K. and Germany together amounted to USD 461 billion in 2017
Also, the global population is rising to reach 9.8 billion by 2050 and 68% of this is likely to live in urban areas, thereby increasing the need for effective transportation networks. Several cities in Asia Pacific region are rapidly growing in urban population and are lacking in mass transit systems. This is providing significant growth potential for companies offering intelligent transport systems
The market is likely to witness huge investments in near future with rising awareness towards the role of smart transportation in Also, the market has witnessed large number of startups in recent times. Companies such as Inrix, Remix, Waycare, and Miovision Technologies are some of the key companies offering traffic data collection and analyzing solutions. The rise of autonomous cars is leading to new growth avenues in the global smart transportation market.
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