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.
Albany, NY -- (SBWIRE) -- 07/14/2016 -- Smart cities are developed urban areas designed with a perspective of creating high quality of life and sustainable economic development by through advancement in several key sectors including technology, economy, environment, mobility, people, and government. The concept of smart cities is aimed to offer a set of infrastructure and new generation services with the support of Information and Communication Technologies (ICT). Globally, there has been rapid growth in urbanization; however, unplanned urbanization is leading to several constraints to sustainable growth. This is leading to demand for planned urbanization. The growth in urban areas is increasing due to better infrastructure, healthcare, the quality of knowledge communication and social infrastructure. The global smart cities market has observed significant growth in the past few years and is expected to continue growing at a significant rate. Some of the factors supporting the growth of smart cities include increasing rural to urban migration, energy consciousness, need for green infrastructure, and time savings among others.
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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. A majority of this growth is expected to be in developing countries including India, China, Korea, and others. Many of the world's major cities including New York, Seoul, Tokyo, Cairo, Shanghai, Amsterdam, Singapore, Dubai, and others have embarked on the smart city projects. Continuous rise in the number of people migrating to urban areas is resulting in overpopulation in modern cities, thus, causing social, political, environmental and energy instability.
This has created the need to incorporate a smart city concept to address all the arising challenges, by implementing modern infrastructure, enabling smart and intelligent solutions and technologies. As a result, the demand for smarter cities is expected to remain high in the coming years. The prospective growth of smart cities is attracting vendors throughout the value chain to invest in this sector. The problems and challenges faced by the countries globally include increasing congestion, rising pollution levels, migration of people from rural to urban areas, scarcity of resources, and increasing incidence of accidents among others in the metropolitan areas.
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The report provides thorough analysis of the global smart cities market with respect to market size and forecast for the period 2013 – 2019. The study covers regional and technological trends that are affecting the dynamics of this market. In-depth analysis of the major segments of smart cities and forecast for each segment is explained in detail. The global smart cities market is segmented by end-user applications and major geographies. The segment analysis identifies key opportunities for each application in global as well as regional markets. Porter's five forces analysis helps industry players understand the degree of competition and formulate their respective strategies.
The report profiles key industry players in the global smart cities market and highlights the key strategies adopted by them. In addition, this study covers recent developments in the smart cities market. This helps both new entrants and established players to develop their short- and long-term strategies. The report is expected to help suppliers, manufacturers, system integrators, policy-makers and the other key players to identify key opportunities in this industry.
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The report assists in better understanding of the market with the help of various highlights on the competitive situation across different levels of the Porter's five forces analysis. Overall, the report provides detailed analysis of the global smart cities market, along with the forecast in terms of revenue (USD billion) for all the segments from 2013 to 2019.
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