November 5th, 2021
Global Smart Cities Market
Growth in the Smart Cities Market will perceive seems to be promising over the forecast period. This is because of the rapid urbanisation, surging smart initiatives by government and the increasing need for better life quality.
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Smart Cities Market Dynamics
The growing accessibility of economical internet of Things (IoT) sensors, distributed hybrid multi-coloured architecture, and artificial intelligence (AI) will stimulate the growth of the global smart cities market. For example, as per the United Nations, Nearly 68% of the population is anticipated to reside in urban cities by the end of 2050. Further, the growing traffic obstruction, shortage of water and electricity, and public protection because of the increasing urbanisation is expected to elevate the market growth. Further, the surging demand for public protection and increasing government initiatives to establish smart utilities, transportation, buildings, and education services will impel the market growth. Besides this, smart cities offer enormous benefits such as better transportation, enhanced digital equity, better infrastructure, enhanced distribution of resources, and enhanced infrastructure, which adds to the smart cities market size.
However, excessive initial investment required for the establishment of smart cities will restrain the market growth. Further, the rising agitation towards privacy and safety, mounting incidences of data robbery, and high reliance on electronics and network are curbing the market growth.
On the basis of regional coverage, Asia-Pacific is envisaged to expand at a higher growth rate over the coming period. This is because of the soaring urban demographics, swift enlargement in cities, and surging public private partnership (PPP) for the expansion of infrastructure and services. Moreover, various government smart cities projects such as Smart Cities Mission, India will contribute to the global smart cities market size.
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