Market for smart cities set to triple worldwide over next five years

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Bristol is one place spearheading the smart cities movement

Bristol is spearheading the smart city movement

According to a new report, the global market for smart cities will grow by nearly a factor of three from $411.31 billion in 2014 to $1,135 billion by 2019. The not so snappily titled 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)”, has been published by MarketsandMarkets, and claims to define and segment smart cities into various sub-segments of technologies, solutions, services and regions with in-depth analysis and forecasting of revenues. The authors also claim that the report identifies drivers and restraints of this market with insights on trends, opportunities, and challenges.

According to the report, “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 in 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”, it continues. “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 claims to analyse 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).