Smart Cities Market Expected to Reach $1,134.84 Billion by 2019

The idea of smart cities came into formulation owing to the need to accommodate rapid urbanization of the age. Interest in smart cities continues to grow, driven by a range of socioeconomic and technological developments across the globe. It is due to the increasing number of smart cities that established suppliers from energy, transport, buildings, and government sectors are moving into the smart cities market, while startups are addressing a range of emerging opportunities in the same field.

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Smart city is a concept aimed to provide a set of new generation services and infrastructure with the help of information and communication technologies (ICT). Smart cities are differentiated in terms of their governance, technological advances, economic benefits, and social and environmental standards. Rather than a traditional technology market, the smart cities should be seen as a complex confluence of several existing markets, as well as a driver for new, emergent solutions that span several traditional domains.

Planning smart cities becomes a viable option for governments and municipal authorities as the emphasis on reducing carbon emissions is growing due to the fact that conventional cities form a major source of CO2 emissions. Deploying technologies such as smart grids, smart metering for energy management; electric vehicle and traffic management with smart transportation and smart security are high growth areas within smart cities.

The global Smart Cities Market to grow from $411.31 billion in 2014 to $1,134.84 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period 2014?2019.

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