Smart Cities Market is Expected to $1,134.84 Billion by 2019
The report Smart Cities Market by Smart Home, intelligent Building Automation, Energy Management, Smart Healthcare, Smart Education, Smart Water, Smart Transportation, Smart Security, & by Services - Worldwide Market Forecasts and Analysis (2014 - 2019).
The idea of smart cities came into formulation owing to the need to accommodate rapid urbanization of the age. Interest in smart cities continues to grow, driven by a range of socioeconomic and technological developments across the globe. It is due to the increasing number of smart cities that established suppliers from energy, transport, buildings, and government sectors are moving into the smart cities market, while startups are addressing a range of emerging opportunities in the same field.
Smart city is a concept aimed to provide a set of new generation services and infrastructure with the help of information and communication technologies (ICT). Smart cities are differentiated in terms of their governance, technological advances, economic benefits, and social and environmental standards. Rather than a traditional technology market, the smart cities should be seen as a complex confluence of several existing markets, as well as a driver for new, emergent solutions that span several traditional domains.
The overall Smart Cities Market has been defined as the spending by Small and Medium Businesses (SMBs) and large enterprises on smart cities solutions and services for planning and developing the infrastructure for the future. The report spans the overall structure of the smart cities market. It provides premium insights that can help the smart cities solution vendors and system integrators to identify the needs for modern infrastructure. North America, Asia-Pacific, and Europe have the highest adoption rate in the smart cities market, and regions such as Latin America along with Middle East and Africa offer a lot of opportunities for the vendors where majority of the countries are yet to expansively adopt smart cities solutions.
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Smarter infrastructures can reduce environmental impact and offer citizens a better quality life. As increased population transcends into urban settings, there increases a need for more urbanized areas to live in. As cities expand their services, management and governance become increasingly complex. Thus, transformation of the cities into smart cities is needed to address the social, economic, engineering, and environmental challenges. Today, the smart cities market is being driven by the enthusiasm of city leaders.
Planning smart cities becomes a viable option for governments and municipal authorities as the emphasis on reducing carbon emissions is growing due to the fact that conventional cities form a major source of CO2 emissions.