According to a new market report "Smart Cities Market by Smart Home, Intelligent Building Automation, Energy Management, Smart Healthcare, Smart Education, Smart Water, Smart Transportation, Smart Security, & by Services - Worldwide Market Forecasts and Analysis (2014 - 2019)", published by MarketsandMarkets, defines and segments smart cities into various sub-segments of technologies, solutions, services and regions with in-depth analysis and forecasting of revenues. It also identifies drivers and restraints of this market with insights on trends, opportunities, and challenges.
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.
The rapid growth in migrations of the global population towards the urban areas has strained the planned development of various metropolises throughout the globe. This has resulted into difficulties in the governance of the non-regulated expansion of urban areas. The growing ecological crisis has led to strict environmental compliances and regulations. These challenges could be addressed through the solution of "Smart Cities" with sustainable infrastructure for a smarter life. The Smart Cities Market provides advanced solutions for smart homes, innovative industry, and smart transportation, and smart resource management, smart utility and smart security.
These solutions are implemented to create a better connectivity which provides better access to the data on real time basis for efficient management. This has driven the governments to implement innovative solutions to the challenges of urbanization. Such innovative solutions would generate feedback from the end users, creating a better relation between the citizen and service provider. It will be a mixture of all infrastructures, social capital including local skills and community institutions and digital technologies to fuel sustainable economic development and provide an attractive environment for all. This demand also includes the rising requirements for sustainability and energy conservation in the markets such as APAC and MEA.
This Smart Cities Market research report analyzes global adoption trends, future growth potential, competitive outlook, market ecosystem and market value chain. The report analyzes market sizes and revenue forecasts across different regions such as North America (NA), Europe, Latin America (LA), Asia Pacific (APAC), and Middle East and Africa (MEA).
The Smart Cities Market is expected to grow at a rapid pace in the regional markets of APAC and MEA. The growing number of smart cities projects in APAC and MEA are attracting the players operating in the smart city market. These regions would also be the highest revenue generating markets in the years to come. Considerable growth is expected in the NA and European smart cities markets. New wireless network and automation technologies like Z-Wave, Insteon, and many more are expected to be the emerging
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