The report covers the regional and technological trends that will affect the dynamics of the smart cities market for the forecast period. Included in the report is an in-depth analysis of the major segments of the smart cities market with market size estimates provided for each segment for the forecast period.Rapid population growth in urban areas is regarded as the first and foremost factor driving demand for the development of smart cities. Due to the massive migration of populations from rural to urban areas, the municipalities and local bodies are facing infrastructural challenges, which require a sustainable solution to fulfill the needs and wants of the growing population. This has led to the emergence of the concept of smart cities.
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Smart cities are planned to include smart homes, intelligent transportation, security and sustainability, smart buildings, and energy management, among other things, to render the best developmental options for authorities and decision makers. On the design part, the use of modern information and communication technologies (ICT) helps identify problems at an early stage, which in turn offers added safety for residents and an improved quality of life. In this regard, the development of smart cities is carried out in an endeavor to address the economic, environmental, engineering, and social challenges arising due to the exodus of population from rural to urban areas across the world.
By application, smart transportation held the largest share of almost 16% of the global smart cities market in 2012. This was mainly due to the rising demand for advanced traffic management, need to reduce the volume of delivery vehicles, and build a superior transportation environment. Concurrently, smart transportation connects the various transportation modes for improved traffic flow in both urban and inter-urban road networks. The use of smart transportation significantly helps to reduce travel delays and cut fuel consumption, which implicitly minimizes the economic burden on governments.
Smart security will be the fastest growing application segment and will display a CAGR of 15.0% from 2013 to 2019, the report states. The growing popularity of smart security is attributed to its ability to stop third-party misuse of data or systems by imposing high security requirements on in-use technology.North America is the largest market for smart cities and will reach US$392.41 bn by 2019. In a bid to reduce the carbon footprint, regional governments are making efforts for increasing the use of renewable energy sources. Regional governments in North America are striving to achieve ‘zero energy wastage’ target by 2020. This factor will further supplement the growth of the smart cities market here.
Based on geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America is the major regional market for smart cities and is anticipated to lead throughout the forecast period. This regional market is expected to attain a valuation of US$392.41 bn by the end of 2019. The growth of the regional market is driven by the rising focus of governments in developed nations to reduce the emission of greenhouses gases.
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The governments in several nations of North America are actively boosting the adoption of renewable power for meeting the burgeoning needs of the populations.
The growing popularity of smart industrial automation in a variety of manufacturing industries is expected to fuel the market. In addition, the rising prominence of cloud-based services and the advent of inexpensive sensors are the crucial factors boosting the regional market. Furthermore, the rise in spending on research and development (R&D) of innovative technologies has offered an impetus to good governance.
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