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The Market Analysis On The Rise Of Smart Cities In The Future

Smart cities are the cities that incorporate ICT to enhance the performance and quality of urban services such as energy, transportation to reduce the resources consumption, wastage, and overall operational costs. This concept aims to enhance the living standard for its citizens through smart technology. An estimate by the global market research company shows the annual investments on smart city projects will surpass USD12 Bn in 2025. <br>It comprises of application of varied digital and electronic technologies to the city and its communities. The dramatic shift of the worldu2019s population to the urban cities are encouraging citizens, city planners, government, and business tycoons to look into and enhance the vision of smart cities. The development of smart cities is empowered by the integration of digital technologies since India has started to accelerate social and economic growth. Market survey reveals that around 1.3 million people are currently moving into cities each week. <br>

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The Market Analysis On The Rise Of Smart Cities In The Future

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  1. The Market Analysis On The Rise Of Smart Cities In The Future

  2. Smart cities are the cities that incorporate ICT to enhance the performance and quality of urban services such as energy, transportation to reduce the resources consumption, wastage, and overall operational costs. This concept aims to enhance the living standard for its citizens through smart technology. An estimate by the global market research company shows the annual investments on smart city projects will surpass USD12 Bn in 2025. • It comprises of application of varied digital and electronic technologies to the city and its communities. The dramatic shift of the world’s population to the urban cities are encouraging citizens, city planners, government, and business tycoons to look into and enhance the vision of smart cities. The development of smart cities is empowered by the integration of digital technologies since India has started to accelerate social and economic growth. Market survey reveals that around 1.3 million people are currently moving into cities each week.

  3. 4 major components of smart cities comprise of smart grids, energy storage, building efficiency, and intelligent transport systems. The best data collection company in India reveals that only 6% of the survey respondents believed intelligent transport systems to be the major component of smart cities and is likely to reduce energy consumption. • This concept is more likely to create new employment opportunities through the creation of new projects to provide quality lifestyle and living standards within their jurisdictions at reduced costs. Some features of smart cities include adequate water supply, assured electricity supply, efficient public transport, robust IT connectivity, digitalization, good governance, and affordable housing for the poor. • An estimate by the top market survey company in India shows that the total market size of the smart city market is anticipated to exceed USD2.5 Trillion by 2025, which was valued at USD737 Bn in 2018, growing at a CAGR of 23.0% during the forecasted years 2019-2025.

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