High industrialization, demographic shifts, and swift urbanization create the need for innovative solutions for operating regular cities. Smart cities offer solutions to urban problems like water management, public safety, transport, power management, etc. Technologies like cloud computing, sensor networks, data analytics, & wireless communications can support the smart cities market.
Growing local economies & suppliers will prove favorable for the market. Emphasis on green infrastructure & cyber data safety should boost the market. Need for e-waste management may positively impact demand. Mobiles and other platforms are expected to play a key role in the development of smart cities.
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However, seamless integration of local technologies could challenge the smart cities market. The market is also marred by poor investments in legacy systems, low stakeholder engagements, and inadequate funds. It is sliced on the basis of applications and regions. Application segments are smart security, smart healthcare, smart energy management, smart transportation, industrial automation, smart buildings, smart homes, and others.
Smart transportation is poised for considerable growth in the years ahead. This will result from the availability of parking management, traffic management, & passenger information solutions. Smart security should lead the market from 2014 to 2020. Accelerated need for high security that lowers third-party misuse is predicted to be a key driver of this segment.
Regions of the smart cities market comprise Europe, Asia Pacific, North America, and Rest of the World (RoW). North America was the frontrunner in terms of shares in 2013. It would dominate the market till 2020. Europe should exhibit substantial expansion owing to investments on transport, energy resources, and other public amenities.
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Asia Pacific should grow significantly over the next six years. This may be attributed to its unstable environment and energy sectors. High demand for residential developments in this region may also aid growth. Leading players in the global market encompass Siemens AG, Honeywell, International Inc., Oracle Corporation, and ABB Group.
IBM Corporation, Accenture PLC., Cisco Systems Inc., and Alcatel-Lucent S.A. are some other noteworthy participants of the smart cities market. Mergers, acquisitions, contracts, and strategic alliances are the measures adopted by them to grow and stay competitive. Vendors based in Asia Pacific invest in research & developments to improve supply chains and expand their reach.
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