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. 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.
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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. The spectacular demand for smart security technologies is driven by the pressing need for ensuring the privacy of citizen’s data from unauthorized use of these data by the third parties to serve their business objectives.
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.
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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. The growth of the regional market is driven by the rising focus of governments in developed nations to reduce the emission of greenhouses gases. The governments in several nations of North America are actively boosting the adoption of renewable power for meeting the burgeoning needs of the populations.
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.
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