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According to a new market research report, the Smart City market is growing at an amazing pace, at 14.2% annual growth rate, and it is expected to reach more than 1$ trillion in a few years. The smart cities market value for the last year, 2011, is $526.3 billion, and it’s exact projected value by 2016 is estimated around $1,023.4 billion! The fastest growing sector of the smart city market is smart energy or energy management which has a projected annual growth rate of 28.7%!
This amazing growth rate should not be surprising. Major cities are growing fast and this creates a need to implement technological innovations to improve the efficiency and quality of life offered by cities. Globally, there are some 700 cities, each with population exceeding 500,000 and are growing faster than the average growth rate of cities. This opens up the market for industry players to grow their business in new and emerging smart cities. The infrastructure investment for these cities is forecasted to be $30 trillion to $40 trillion, cumulatively, over the next 20 years.
With growing emphasis on reducing carbon emission and the fact that conventional cities form a major source of CO2 emissions, planning a smart city becomes a viable option for governments and municipal authorities. Deploying technologies such as smart grids, smart metering for energy management; electric vehicle and traffic management with smart transportation and smart security are high growth areas within smart cities. All these developments make the evolution of smart cities a dynamic trend of the future, which means that the smart city market is becoming one of the largest and most promising markets worldwide.
The original article can be found here.