Smart Cities Market: Growing Popularity of e-Governance in Several Nations to Boost North American Market

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.

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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.

Smart cities are planned to include smart homes, intelligent transportation, security and sustainability, smart buildings, and energy management, among other things, to render the best developmental options for authorities and decision makers. On the design part, the use of modern information and communication technologies (ICT) helps identify problems at an early stage, which in turn offers added safety for residents and an improved quality of life. In this regard, the development of smart cities is carried out in an endeavor to address the economic, environmental, engineering, and social challenges arising due to the exodus of population from rural to urban areas across the world.

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By application, smart transportation held the largest share of almost 16% of the global smart cities market in 2012. This was mainly due to the rising demand for advanced traffic management, need to reduce the volume of delivery vehicles, and build a superior transportation environment. Concurrently, smart transportation connects the various transportation modes for improved traffic flow in both urban and inter-urban road networks. The use of smart transportation significantly helps to reduce travel delays and cut fuel consumption, which implicitly minimizes the economic burden on governments.

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