The smart city market is making significant strides.
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Smart City Market rise in urbanization, governments are now realizing the need for cities that can cope with the challenges of urban living. Thus, arises the need for smart cities.
The concept of a smart city is relatively nascent. The developed nations are strategizing smart technology plans to develop a command and control network that tracks and optimizes the delivery of services such as power, water supply, traffic, transportation, education, and healthcare.
The basic motive of a smart city is to make the infrastructure and delivery of these services more efficient so that people enjoy better standards of living, economic stability, optimal utilization of energy, and advanced environmental protection.
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It is driven by factors such as rapid connectivity, fast telecommunication provision, growing energy consumption and the need to achieve optimum energy usage, growing trends in artificial intelligence and big data analytics, decrease in operational cost for smart building infrastructure, rising demand for integrated security and safety system, the increasing population, and hyper-urbanization. However, the factors restraining the market growth include low levels of operational efficiency in emerging countries, lack of robust telecom and networking infrastructures in developing nations, and lack of standardized regulatory frameworks for energy sectors.
By transportation, the market is divided into smart transportation by type, solution, and service. Smart transportation by type includes smart railways and roadways.
Smart transportation by solution includes intelligent transport system, traffic management and automated driver guidance system, parking management, passenger management and travel experience enhancement system, predictive analytics for passenger travel, freight management, and transport data management. Smart transportation by service includes infrastructure monitoring and management, planning and consulting, and, integration.
Based on utilities, the market is divided into smart energy system, smart utilities by type, smart utilities by solution, and smart utilities by service. Bu building, the market is divided into smart building by type, solution, and service.
By smart citizen service, the market is divided into smart citizen services by type that includes smart education, smart healthcare, and security and threat management. Geographically, the market has been analyzed across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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The important players operating in the smart city market include International Business Machines Corporation, Cisco Systems, Inc., Microsoft Corporation, Oracle Corporation, Schneider Electric SE, Siemens AG, Ericsson, Hitachi Ltd., Huawei Investment & Holding Co., Ltd., and Toshiba Corporation.
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