The smart cities market is projected to grow at a CAGR of +22% by 2021 The smart distribution management system in the utilities sector is governed by the efficient demand and response management (DRM). DRM allows the utility utilities sector to manage and implement Demand Response (DR) programs through a single integrated system, which can be interfaced with commercial, industrial, and residential sites.
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The building segment in smart cities focus areas is expected to grow at the highest CAGR during the forecast period. The increasing need for a centralized system for controlling and monitoring of various devices, such as lighting; Heating, Ventilation, and Air Conditioning (HVAC); surveillance, and emergency response, to energy efficiency and security enhancement in the building premises is driving the market for smart cities.
Smart transport management solutions have been effective to curtail the traffic woes in some mega cities. The new generation of solutions offer features, such as traffic prediction, analytics and decision support, traveler information, advisory services, and ticketing and fare collection.
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The driving factors for the growth of smart cities market are rapid Connectivity and fast telecommunication provision; growing population and hyper-urbanization; government initiatives; growing energy consumption & requirement for optimization of energy usage during peak hours; increasing share of renewable energy and limitations in capacity expansion; and decrease in operational cost for smart building infrastructures in capacity expansion.
According to the report, increased installation of smart meters will be a key driver for market growth. Smart meters offer a wide range of interactive and intelligent solutions.
They allow the consumers to effectively manage energy resources by providing the consumption details at every point in time. They send the relevant details of home energy use to the energy supplier such that the electricity bill can be sent without having to check the reading on the home meter physically.
Further, the report states that multiple areas, including healthcare, automotive, and smart homes, involve the use of a wide range of proprietary solutions, which increases the challenge of interoperability. The M2M or IoT value chain consists of many players specializing in different services, applications, platforms, devices, and middleware.
Collaborative processing of operations from different players across the value chain is required to deliver a competent solution.
Vendors, stakeholders, consumers, dealers. in the global Smart cities market are increasingly introducing a solution that allows this market to work with data collected from a number of diverse sources.
The confidence, reliability of data-driven decisions undertaken by solutions in real-time, self-service analytics solutions which will gain more prominence in the global market in the next coming years has been mentioned in this study.
Of the key modes of deployment, applications, trends, types, are thoroughly observed in this report for consumers understanding. Based on geography, the report examines the market for Smart cities across regions such as North America, Europe, Asia-Pacific, Middle East, and Latin America.
The dominant regional market and the fastest growing regional market is also mentioned clearly for the better of the readers.
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