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Increasing Rural Emigration to Pave the Way for Increasing Use of Smart City Technologies

02-28-2017 01:43 PM CET | IT, New Media & Software

Press release from: TMR

Increasing Rural Emigration to Pave the Way for Increasing Use

The competitive landscape of the global smart cities market features a number of players operating in various areas of smart city development. Of these, Siemens AG, IBM Corporation, and ABB Ltd. have wide product catalogs spanning several areas of smart city technology. The market is likely to remain extremely competitive in the coming years due to the entry of several new players, who can be accommodated due to the abundant availability of raw materials and increasing government support to smart city infrastructure.

Increasing Environmental Awareness Likely to Benefit Smart Cities Market

One of the key drivers for the global smart cities market is the increasing environmental awareness among the global population. This has led to significant popular demand for eco-centric smart city projects. Governments have also been supportive of smart city initiatives that aim to reduce wastage and boost the economic development of the city. The development of solar energy as a viable alternative energy source is a key contributor to the growth of the global smart cities market.

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The consistent migration to urban areas is another crucial driver for the global smart cities market. The lack of significant economic opportunities in rural areas and the reduction in the amount of arable land have led to many rural citizens moving to cities to seek better economic prospects. This has led to an increasing strain on the natural resources supplying the city, resulting in popular support for smart city solutions, which can reduce the exploitation of natural resources while keeping the economic development intact.

On the other hand, concerns about the security of the data collected in order to implement smart city infrastructure persist due to the increasing occurrence of cyber-crime. The consistent technological advancement in the smart cities industry is likely to lead to the development of systems with comprehensive security features, but some risk of data leaks is likely to remain due to the dynamic nature of malware and hacking.

Smart Electronic Waste Management Likely to Emerge as Key Contributor

Electronic waste, a byproduct of the firm establishment of the digital age, has become a major concern in present times. Since most electronic waste is nonbiodegradable, it pollutes the environment when dumped and can present health hazards to the wildlife around the site. This has led to the need for smart waste management systems that can automate the recycling process of electronic waste and properly dispose of the remainder. This is likely to become a leading contributor in the global smart cities market in the coming years.

By application, the smart cities market was led by the smart transportation sector, whose contribution to the smart cities market is estimated to be US$140.8 bn by 2016 and rise to close to US$216 bn by 2019. Apart from smart transportation, smart security and smart industrial automation are likely to receive increasing demand in the coming years.

In terms of geography, the solid government support to smart city technologies in North America is expected to help the regional market retain its dominant share in the global market in the coming years. The increasing use of advanced traffic management systems in North America is likely to be crucial to the market’s growth.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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