The report, the Global Smart Cities Market 2014-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, and the APAC and EMEA regions; it also covers the Global Smart Cities market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
A smart city is a combination of diverse technologies such as a smart home, smart grid, smart building, smart security, smart education, smart healthcare, and smart transportation. A smart city aims to reduce environmental impact and offers its citizens a quality lifestyle in terms of economic growth, well-being, and sustainability.
One of the major trends in the market is the growing public-private partnership. It helps in financing high budget projects and also improves market cash flow and investments. Public-private partnerships play a crucial role in addressing financial issues and also improve the infrastructure required for market development.
According to the report, rapid urbanization is one key factor driving the market growth. Increased population and industrialization have led to migration from rural to urban areas. Hence, to accommodate them and provide efficient services there is a need to upgrade to smart cities.
Further, the report states that the requirement for high upfront cost for the installation of smart cities is a major challenge faced by the market. The latest smart technologies use costly high-end equipment, most of which requires high maintenance costs.
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14 June 2017