What exactly are smart cities?
The human advancement is never-ending; so is its need for moreresources and a better lifestyle. And this is where smart cities are cominginto play more and more. Smart cities are everything that people require for overallbetter quality of life. Smart cities are using technology and human activitydata to make every aspect of life efficient, including infrastructure, energymanagement, transportation, without compromising environment as it takes intoaccount all the eco-friendly measurements.
Growth of smart citiesmarket
Feeding on to these human needs are the marketers andinvestors, that include all the big names across diverse markets liketechnology, power services, water services and prefabricated homes.
The global smart city market is only increasing due to theefficient and revolutionary ways in which companies are providing and using theresources. The market is expected to grow more than twofold to $2250 billion in2022 from $1010 billion in 2018, making the Compound Annual Growth Rate (CAGR)grow to 22% between this period. At the helm of the services that are requiredfor smart cities are power grids, Internet of Things (IoT) that requires GoogleCloud Platforms and smart cities assessment other than water services andprefab homes.
The smart cities with its many benefits are also going tocreate a large number of job opportunities, especially in the IT sector as ITprofessionals are required in one of the major services that are the Internetof Things.
Smart city marketaround the world
New smart cities are being established all over the world,making the market global. The Asia-Pacific region is expected to be the largestsmart city market in the coming years, owing to the large population of theregion. So the countries like China, India, Japan, South Korea, and Australiaare expected to be driving a large portion of the smart city markets.
Another factor that drives the smart city market is the populationliving in urban areas and no other country has more population living in urbanareas than Canada with 81%. So North America is expected to be another region,driving the smart city market, with US cities like New York, Los Angeles andChicago; and Canadian cities like Toronto, Ottawa, and Vancouver.
Major smart citiesproject and companies
There are a sizeable number of smart cities projects going onaround the world, that are providing footsteps for the success of the smartcities concept. These projects are not only private but several government-runprojects are also leading the way. Europe is leading the way in the number ofprojects going on with 84, closely followed by the Asia-Pacific region where 74projects are going on.
Some of the big names investing in smart city markets includeAmazon, Uber, Google, Walmart, Tesla, Panasonic, Bluhomes, IBM, Wipro andCisco.
So the smart cities are practically the future of the worldthat is taking everything and everyone in its fold, for the good of themankind. The future bright, the market blooming, it is expected torevolutionize the living standards and we hope no one is left behind in thisastonishing future.
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