The primary focus of smart city projects is on improving energy efficiency and reducing the dependence on non-renewable resources for fuel. Smart cities offer enhanced public safety and security by detecting problems early on. Between 2015 and 2050, the number of people living in cities is expected to grow from around 3.6 billion to around 6.3 billion.
Albany, NY -- (SBWIRE) -- 02/18/2016 -- The rapid growth in population in the urban areas due to migration from rural areas is creating infrastructural challenges for municipalities and governments, globally. As the urban population is growing rapidly, the limited natural resources would be insufficient to meet the daily needs and wants of the people across the globe. Hence, it has become important to switch to alternative resources to fulfill the needs of continuously growing urban population and look for energy efficient methods to meet energy conservation. This has resulted in the emergence of smart cities concept. On the basis of this motive, the revolution of cities is required to address the economic, engineering, environmental and social challenges. The global market for smart cities was valued at USD 506.78 billion in 2012 and is projected to grow at a CAGR of 14.0% during the forecast period from 2013 to 2019.
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A city is referred to as 'smart' when it covers the aspects of smart homes, smart buildings, intelligent transportation, energy management, and security and sustainability among others, which are the ideal options for authorities and decision makers. Smart cities offer a set of infrastructure and new generation services with the support of Information and Communication Technologies (ICT). The concept helps the environment by reducing the amount of CO2 emissions. It aids people by saving the energy cost, making optimum utilization of natural resources effectively and efficiently. The smart cities concept also helps people in maintaining their information and data safely. There are technologies embedded with features that help identify problems at a very early stage, and subsequently improve the safety and security of people living in the cities.
The smart cities market is driven by various factors which include increase in migration from rural to urban areas, rising energy consciousness and a shift towards green infrastructure. With more number of people shifting to urban areas, there is increased pressure on urban infrastructure networks. This creates the need for the smart city concept which focuses on reduced use of natural resources and improved energy efficiency. However, lack of stakeholder engagement and security concerns are some factors that may inhibit market growth.
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On the basis of applications, the smart cities market is segmented into smart homes, smart buildings, smart energy management, smart industrial automation, smart healthcare, smart transportation, smart security, and others. The others segment includes smart education, water and waste water management. Among the application segments, smart transportation was the largest segment that accounted for 15.9% share of the total smart cities market in 2012. In addition, the market is segmented on the basis of geographical regions as North America, Europe, Asia-Pacific and RoW. The North American region held the highest share of 34.5% in 2012 in the global smart cities market.
Some of the major players in the smart cities market are Siemens AG, ABB Ltd., Accenture PLC., Alstom S.A., Alcatel-Lucent S.A., Cisco System Inc., Dassault Systems S.A., Ericsson Inc., Honeywell International Inc., General Electric, International Business Machines Corporation, Hitachi Ltd., Intel Corporation and Oracle Corporation.
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