North America is the Largest Market for Smart Cities Since the Smart City

The world population will continue to grow exponentially and this growth is continuously impacting the environment and quality of human life. The public infrastructure and resources that are ranging from energy, water, security, food, energy, digital communication to transportation are constantly used till the breaking point. The ever increasing population is enormously wasting precious natural resources and are acquiring share of earth’s resources more than required.

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The huge amounts of data collected by a smart city is required to be analysed quickly to make it more workable and smart data technology helps the cities in performing this task. With the use of smart data technology cities will be able to plan effectively to analyse large amounts of data. This will help in pro-actively maintaining and developing better planning for future demand. The implementation of smart infrastructure means that the city is able to perform efficiently with other technologies and helps the cities in making necessary changes by using the data collected in future city plans.

The smart cities are beneficial for business, government organizations, environment and citizens of the country. A smart city is an urban region that is highly developed and upgraded with modern infrastructure, communications, sustainable real-estate and market viability. In smart city economic development is rational and sustainable as the success of this concept is driven by the demand and supply drivers of the market.

Geographically, North America is the largest market for smart cities since the smart city project is being shaped by the local and regional socio-economic needs of the country. This has led to increasing adoption of IoT technologies for wide usage in this region. In European countries, environmental sustainability objectives are driving the growth of global smart cities market and rapid implementation of IoT technologies with the perspective of reducing the emissions of fossil fuels in this region. Asia-Pacific is expected to witness fastest growth in this market. According to a recent study, the Asian countries are expected to become market leaders in the adoption of smart cities initiatives. The Indian government has developed a smart city initiative and selected few cities in the program. This plan is expected to increase the growth of smart cities market in the country and will lead to rapid industrialization and economic development of the country.

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Some of the key players in the market include SAP SE, ABB Ltd., General Electric Company, Silver Spring Networks, Inc., AGT International, Itron Inc., Alstom SA, Kapsch Group Beteiligungs GmbH, Alcatel Lucent SA, Honeywell International Inc., Maven Systems Pvt. Ltd., IBM Corporation, Cisco Systems, Inc., Microsoft Corporation, Schneider Electric Se, Siemens AG, Oracle Corporation, Huawei Investment & Holding Co., Ltd., Ericsson, Toshiba Corporation and Hitachi, Ltd.

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