New York, NY -- (SBWire) -- 07/23/2018 --Intensifying urban migration and a considerable rise in unplanned development of cities has stimulated the need for "smart" cities. Several solutions from private sector players such as building construction groups and real estate developers have been put forth the government to promote a steadfast implementation of smart cities projects. In few years down the line, governments from around the world will take conclusive steps towards transforming the existing urban environments into smart cities. A latest forecast study by Persistence Market Research projects that through 2026, over US$ 3.4 Bn will be spend across the globe for implementation of smart cities.
The age of the cities and its developments create complexities for retrofitting it and making it adaptable for smart urban environment. Emerging economies around the world are increasing the investments in forging old cities into new models of smart cities, equipped with plans on sustainability, high end-use of latest information & communication technologies, and ground-breaking architectural designs.
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Key Assessments from the Study: The report offers key insights on the expansion of the global smart cities market for the forecast period, 2016-2026. Research findings and inferences compiled in the report support the market size estimations offered within. The following are some of the highlights on how the report has assessed the growth of the global smart cities market for the near future.
Governments in countries such as China and India are expected to invest heavily in the development of smart cities. Such initiatives are likely to take shape within the first half of the forecast period.
In 2015, smart energy applications procured over US$ 100 Bn in global revenues. Towards the end of 2026, smart security applications are anticipated to gain traction and emerge as the largest application in the global smart cities market.
China, Spain, India and Germany are likely to witness highest deployment of smart grid technologies. By the end of 2026, smart energy applications in the global smart cities market are likely to rake in revenues worth over US$ 545 Bn.
Technology Trends Influencing the Smart Cities Ecosystem: Smart cities can be advantageous as well as disruptive for the urban infrastructure. With increasing adoption of smart traffic management and public transportation systems, smart cities are likely to change the roadmaps of existing cities. Autonomous cars are also anticipated to play a key role in development of smart cities.
Through 2026, smart cities being developed around the world are expected to witness implementation of evolving technologies such as Artificial Intelligence and machine learning. Advanced surveillance systems will ease the complexities of law enforcement in smart cities. However, the use of such technologies will lower the municipal employment as smart systems & technologies tend to reduce the need for human intervention.
Regional Analysis: The study projects that through 2026, the adoption of smart cities will be exceptionally high in the Asia-Pacific excluding Japan (APEJ) region. Compared to other regions, the APEJ region continues to be recognized as the most lucrative market for smart cities, with governments from several countries actively partaking in the implementation process.
North America and Europe are also observed as attractive markets for smart cities, although, robust urban environment existing the countries in these regions is likely to downgrade the need for developing smart cities. Nevertheless, ample availability of hectares of land in countries such as the US and Canada, coupled with the shift towards sustainable power grids, will drive the growth of North America's smart cities market in the upcoming years. The Middle East and Africa region is also anticipated to witness greater uptake for smart cities, pertaining to strong economies exhibited by the UAE and GCC countries.
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Smart Cities Market to Be at Forefront by 2026 with the CAGR of 19.8%
Persistence Market Research has announced the addition of the “Global Market Study on Smart Cities: Smart Security Application to Witness Fastest Growth During 2018 - 2026" report to their offering.