Global Smart Cities Market 2015-2019 Featuring Market Leaders, ABB, Alcatel-Lucent, Cisco, IBM & Siemens AG.
he Global Smart Cities market to grow at a CAGR of 16.6% over the period 2014-2019
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.
The Global Smart Cities market can be segmented into eight divisions:
- Smart Industry Automation
- Smart Grid
- Smart Security
- Smart Education
- Smart Home and Building
- Smart Healthcare
- Smart Transport
- Smart Water Network
- Siemens AG
Other Prominent Vendors
- Schneider Electric
– SOURCE Research and Markets
Giving thumbs up to Modi government’s focus on developing smart cities, Michael Bloomberg, UN Secretary General’s Special Envoy for Cities & Climate Change on Monday said, “From my experience, he (PM Modi) is absolutely correct to make cities a central focus of his work.”
“The more India invests in sustainable cities, the stronger its economy will grow,” Bloomberg said. Giving a special address at RE-INVEST 2015, Bloomberg said, “Prime Minister Modi is showing that confronting climate change goes hand-in-hand with smart economic growth.”
Bloomberg urged both India’s private sector and foreign investors to continue developing and investing in the clean energy market which create “knowledge-intensive jobs and support the nation’s goals”.
Power Minister Piyush Goyal assured that the government will make sure that the investments in India will be protected and encouraged. He said for a new investment destination the prerequisite is an atmosphere which makes to do business easier, consistency in policies, bankable contracts and prevalence of rule of law in the country.
Goyal sought to assure investors that though the government is pro-poor, it understands the problems of business and will act as a facilitator.