Blog of a Sentimental Data Digger
According to Markets and Markets Report, the global smart cities market is expected to grow from $411.31 Billion in 2014 to $1,134.84 Billion by 2019, at a CAGR of 22.5% during the forecast period of 2014–2019.
"Major migration trends from the rural towards the urban regions could be seen due to the rapid growth in population and the growing employment opportunities in the urban areas. Thus, in order to support the growing urbanization, the need for transformation of urban infrastructure gets intensified. This factor would serve as the main driver for the smart cities market in the near future. The growing environmental concerns across the globe and the need for smarter resources are also considered to be one the major drivers for the smart cities market. The project funding and the capital expenditures required for such large-scale deployment of technology are extremely high. Therefore, this factor is expected to hinder the growing smart cities market. The transformational downtime as well as the big data generated in the smart cities routine operations are considered to be some serious concerns serving as significant restraints for the smart cities market.
The global smart cities market is segmented by regions into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. North America, Asia-Pacific, and Europe have the highest adoption rates in the smart cities market, while regions such as Latin America along with Middle East and Africa offer a lot of opportunities for the vendors where majority of the countries are yet to expansively adopt smart cities solutions. Some of the major solution providers in the smart cities market include ABB, Alcatel Lucent, Cisco, Ericsson, GE, Honeywell, Hitachi, IBM, Siemens, and Schneider Electric among others".