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Published on : Jan 23, 2017

ALBANY, New York, January 23, 2017: The report “Smart Cities: Their Rise, Key Success Factors, and Business Opportunities” featured by ResearchMoz.us evaluates the challenges, trends, drivers, and success of smart cities. A contemporary trend of undertaking smart city projects is observed worldwide, driven by population explosion, depletion of natural resources, and ensuring eco-friendly modes of lifestyle, together with a view to making the most of technological progress.

A “smart city” is a modern development that is highly sophisticated in terms of the infrastructure, communications, sustainable real estate, and market viability. The chief infrastructure in a smart city is information technology, which aids in providing facilities to residents. Sensor networks and data centers are two such facilities. Smart cities are developed to exhibit features such as affordable housing for poor, assured electricity supply, e-Governance, health and education infrastructure, efficient mobility and public transport, security of the residents, regular water supply, sanitation and waste management, highly-efficient parking facilities, and IT connectivity and digitization. Smart cities also feature smart traffic systems with immediate accident relief and automatic signals and face identification system for tracking criminals.

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The incorporation of technologies such as the Internet of Things (IoT) and information and communication technology (ICT) is a major feature of smart cities. Large investments in smart cities are a consequence of IoT technologies, services, and cloud-based platforms, which are displaying increasing applications. Some of the challenges faced by the smart cities market are privacy issues, government policies and regulations, and insufficient finance. Growing urbanization rate, towering energy consumption levels, and a considerable decrease in cost of construction have been driving the market for smart cities.

According to geographical segmentation, North America will dominate the smart cities market in the coming years, as increasing amounts of funds are granted by the U.S. government for smart city projects. Rapid infrastructural development and undertaking of numerous smart city projects in emerging economies of Asia Pacific and the Middle East & Africa will prove to be beneficial to the smart city market.

Developing countries such as China and India have been exhibiting a rising number of smart city initiatives. Indian Prime Minister Narendra Modi envisions a project of developing over 100 smart cities in India. Singapore and New Zealand won several awards for their exceptional smart city projects. Government efforts to provide efficient gas, water, and power meter facilities will boost the market.

The market structure, drivers, restraints, and trends are drawn out in the report. Market projections for the future period, well-defined technological growth map, a clear portrayal of the competitive landscape, and key market segmentations have been described in details, along with statistical data. The report also lays down recommendations as to survival tactics and business strategies.

Some of the major companies in the smart cities market are Klynveld Peat Marwick Goerdeler (KPMG), Mott MacDonald, CRISIL (formerly Credit Rating Information Services of India Limited), McKinsey, International Business Machines CorporationIBM, ASEA Brown Boveri (ABB), Honeywell International, Systems, Applications, Products (SAP), Silver Spring Networks, Microsoft, Alcatel, Kapsch, Siemens, Cisco, Huawei, Itron, and Hitachi, among many others.

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