Albany, NY -- (SBWire) -- 06/21/2018 --A general and continued migration of populations from rural centers to urban areas, stimulated by the availability of better economic and social prospects, is a key trend leading to the evolution of the market. A marked focus of governments in several emerging economies to offer sustainable environment for growth to their citizens has propelled the demand for smart cities.
The recent efforts by governments in various nations to improve the quality of life for their citizens and provide them with easy access to essential services have positively impacted the overall market. The major proponents of smart cities development broadly entail the presence of robust infrastructure, sustainable real estate, advanced communications, intelligent transportation, citizen safety, and improved market viability.
A number of cities are rapidly adopting advanced information and communication technologies (ICT) such as big data analytics, Internet-of-Technology (IoT), and autonomous systems. These have been key enablers of seamless connectivity and digitization across businesses, laying the foundation of smart cities.
Get PDF Sample of Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=357
Driven by a variety of lucrative trends, the smart cities market is projected to rise at an impressive CAGR of 14.0% from 2014 to 2019 and the market valuation is anticipated to reach US$1,265.85 bn by the end of the forecast period.
Substantial Demand for Developing Transportation Systems with Low-Carbon Footprint
The major applications of smart cities are in smart security, smart homes, smart buildings, smart industrial automation, smart energy management, smart transportation, smart education, smart water management, and smart healthcare. Of these, the smart security segment is projected to rise at a significant CAGR of 15.0% from 2013 to 2019.
Download TOC@ https://www.transparencymarketresearch.com/report-toc/357
Meanwhile, smart transportation was one of the prominent segments in 2016 and is anticipated to grow at an impressive pace over the forecast period. The growing demand for optimizing fuel consumption, reducing travel displays, and improving traffic flow across inter-urban road networks has boosted the development of smart transportation technologies and services. The rising concerns to reduce carbon footprint is expected to open prospects for alternative and advanced modes of transportation.
Growing Popularity of e-Governance in Several Nations to Boost North American Market
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.
View Report@ https://www.transparencymarketresearch.com/smart-cities-market.html
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.
Smart Cities Market in North America, Europe, Asia Pacific: Who Will Win the Race