Smart Cities Market
What is a smart city?
When the term Smart City comes into mind it shows us the
futuristic images of cities that don’t exist in today’s world. Smart City is a
city with no traffic jam, no crime and no waste most probably. Smart City is one
where each and everything like coffee cups and streetlights can be managed in
effective manner on one finger tap with the use of interconnected and managed
computer systems or Smartphone. Smart cities are one that where 24/7 sensors
and automation are working to ensure that when any problem occurs no matter how
big or small it may be can be
immediately recognized and resolved.
Smart City
the word itself states that it requires the much of advanced Information and
Communication Technology. The ultimate goal is to network each and every part
of a city, with interconnected advanced systems which can be used to measure; monitor
and analyze data about everything and everyone like people, retail activity, transactions,
trash collection, bus arrival and departure times, weather reports and threats,
energy use, e governance and many more.
We should
not get surprised that this image is often encouraged most by the companies
that market these kinds of technologies and services to cities.
According to the market research globally, there are some
700 cities, each consisting population above 0.5 million and are growing faster
than the average growth rate of cities. This generates up the market
for industry players to increase their business in new and emerging smart
cities. The infrastructure investment for these cities is forecasted to be
$30 trillion to $40 trillion, simultaneously, over the next 20 years.
With growing focus on reducing carbon emission and the fact those
conventional cities consists of major source of CO2 emission, planning a smart
city becomes a feasible option for governments and municipal
authorities. Using 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.
Now coming to the market research report the overall smart cities
market, worth at $526.3 billion in 2011, is forecasted to grow double fold to
$1,023.4 billion by 2016, at a CAGR of 14.2% for the period 2011 to 2016. Among
all application segments, we observe smart energy or energy management market
to be the fastest growing market with an impressive CAGR of 28.7%, growing to
$80.7 billion by 2016.
In addition to market sizes and forecasts, the report also
provides a detailed analysis of the market trends and factors influencing
market growth, offering in-depth geographic analyses of the smart cities market
in North America, Europe, Asia-Pacific and ROW.
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