
Overview
Smart City ensures reliable water and electricity supply, effective waste management and efficient city operations such as traffic management and parking management with the help of advanced passenger information system. These advantages of smart city are also contributing towards the growth of smart cities market during the forecast period.
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However, lack of robust telecom and networking infrastructure in developing countries, and absence of standardized regulatory frameworks are factors hampering the growth of the smart cities market to an extent. On the other hand, advancement in the field of Artificial Intelligence (AI) is expected to provide substantial growth opportunity for the smart cities market in the coming years.
North America holds the lion share of the global smart cities market. This is attributed to the factors such as high demand for connected solutions, low energy consumption and implementation of internet of things (IoT).
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However, Asia Pacific is expected to witness the highest growth rate during the forecast period due to growth in IT spending supported by various government initiatives in emerging economies such as China, Singapore, and South Korea. Also, rising demand for intelligent solutions for energy and infrastructure management are factors propelling the smart cities market growth in this region.
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