Smart Cities Market To Hit $ 1 Billion in 2017 Rapid urbanization, stressed infrastructures underscore urgency of smart cities
Falls Church, VA., February 27, 2013
-- Market Analyst, LLC, a value-added distributor of market research reports
and business information, announced today that the market for smart cities will
reach a solid US $ 1,026.3 billion by the year 2017.
The term ‘smart cities’ is used to define creation of a Internet enabled
infrastructure where information and communication technology (ICT) is embedded
into the existing infrastructure of a city. Smart cities can refer to creation
of smart grids, smart meters, and various other infrastructures for
electricity, water supplies, waste and other necessities.
According to the report, the outdated infrastructures cannot cater to the
food, water and energy needs of a rapidly growing urban population.At the same time, it is impractical to
replace the entire old infrastructure with the new one; because of fiscal and time
constrains. Therefore, one possible
solution is to digitalize the existing infrastructure to allow cities to
respond intelligently to domestic needs. The result is better data collection and analysis,
and so; better future planning.
The report also reviews
existing smart city projects such as Dongtan eco-city in China and Jeju Island
in South Korea. According to report, China’s urbanization rate reached 52.57%
in 2012. With the urbanization increasing at such an extra ordinary rate; there
is an even greater need to apply smart city concept to large population growth.
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