Manufacturers have understood the requirement of advanced approaches to service supply and city operations. This is due to demographic swings, industrialization, and innovative technologies. The demand for intricate and integrated citywide solutions is estimated to propel the smart cities market in the years to come. Rising modern population and quick industrialization have led to demand for smart cities so that various challenges can be conquered.
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Smart cities are made to take care of issues like street lighting, public safety, energy & water administration, and urban mobility. Smart city solutions are backed by wide-ranging developments in wireless communications, data analytics, cloud computing, and sensor networks. Development prospects for smart cities utilizing mobiles & other portals across different time periods are predicted to be huge.
The main aims of smart cities are decreasing the reliability on non-renewable fuel reserves and enhancing energy efficiency. Implementation of these aims would boost the market in the future. Moreover, green infrastructural demand, huge cyber data & related safety requirements, rising urbanization, and energy awareness will positively affect the smart cities market.
Absence of stakeholder engagement & fiscal expenses and spending in legacy systems can serve as market hindrances the six years ahead. Intelligent systems and communication infrastructure can administer power supply networks in an optimal manner. The market is bifurcated into applications and regions.
Applications wise, the smart cities market is divided into smart energy management, smart transportation, smart healthcare, smart security, industrial automation, smart homes, and buildings. Smart transportation would benefit during the forecast phase. This will happen in view of increasing ticketing & traffic management, passenger information systems, integrated supervision systems, guidance systems, and parking management.
Regions wise, North America occupied the biggest share in the smart cities market in 2013. Huge demand for Asian Pacific smart cities is anticipated to come from India and China. This is owing to regional energy & ecological inconsistencies. Europe will be promising for the worldwide market. This would be due to infrastructural investments in the region.
Demand for energy management and smart transport has also considerably propelled Europe. Major companies in the global smart cities market comprise IBM, Oracle, Alcatel-Lucent, Siemens, ABB, Intel, Accenture, and Cisco. They indulge in strategic bonds & agreements and mergers & acquisitions to expand their businesses.
Information Source: Grand View Research