The global Smart Cities market—a solution to the rapid growth in migration to the world’s urban areas—is expected to grow from $654.57 billion in 2014 to $1,266.58 billion by 2019, at an estimated Compound Annual Growth Rate of 14.1% from 2014 to 2019, according to a new study.
The rapid growth in migrations of the global population towards the urban areas has strained the planned development of various metropolises throughout the globe. This has resulted in difficulties in the governance of the non-regulated expansion of urban areas. The growing ecological crisis has led to strict environmental compliances and regulations.
These challenges could be addressed through the solution of “Smart Cities” with sustainable infrastructure for a smarter life. The Smart Cities market provides advanced solutions for smart homes, innovative industry, and smart transportation, and smart resource management, smart utility and smart security.
These solutions are implemented to create a better connectivity which provides better access to the data on real time basis for efficient management. This has driven the governments to implement innovative solutions to the challenges of urbanization. Such innovative solutions would generate feedback from the end users, creating a better relation between the citizen and service provider. It will be a mixture of all infrastructures, social capital including local skills and community institutions and digital technologies to fuel sustainable economic development and provide an attractive environment for all. This demand also includes the rising requirements for sustainability and energy conservation in the markets such as APAC and MEA.
The Smart Cities Market is expected to grow at a rapid pace in the regional markets of APAC and MEA. These regions would also be the highest revenue generating markets. Considerable growth is expected in the NA and European Smart Cities Markets. New wireless network and automation technologies like Z-Wave, Insteon, and many more are expected to be the emerging technological trends in the Smart Cities market.