According to a new study by Grand View Research, Inc., the global smart cities market has been positively affected by growing urban population and industrialization. Integrated citywide solutions, to address several issues such as street lighting, water & energy management, urban mobility, public safety etc., are projected to be implemented in the forecast period (2014–2020). Improved local economies and increasing range of providers are expected to help emerge the market needs. Lacking legacy system investments and socio-economic & political aspects could be a challenge for market growth. Growing needs for electronic waste management due to increasing number of electronic components is a significant opportunity for companies in the market.
Further key findings from the report suggest that the smart-security segment will probably remain the dominant segment till 2020 accounting for most of the market share. This is attributed to decreased third-party misuse by the imposition of high-security needs. Smart-transportation is projected to reduce the financial burden of regulatory bodies by reducing traveling delays as well as fuel consumption.
North America is likely to continue being the largest market over the next six years. Developments in water infrastructure, growing transportation sector etc. have spurred the regional growth. Government regulations, to decrease carbon footprint by using renewable resources, are also projected to drive the regional market. Asia-Pacific is said to witness a rapid growth, because of high residential development demands in India & China. Manufacturers in this region are now focusing on R&D investments, to ensure international presence with a strong distribution network.
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