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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.

Market Analyst has added GBI Research’s report Smart Cities Market to 2017 - Smart Security Segment to Flourish as Interoperability Standards and Public Private Partnerships Promote Growths" to its portfolio. The report highlights how rapid urbanization is stressing the legacy infrastructures, which have proven to be inadequate to the increasing demands.

According to the report, the outdated infrastructures cannot cater to the food, water and energy needs of a rapidly growing urban population.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.

About Market Analyst, LLC

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