Smart City Market 2018 Global Size, Competitors Strategy, Regional Analysis, Industry Profits and Growth by Forecast to 2022
The Global Smart City market is growing with the rapid pace; mainly due to increasing urbanization, increasing number of aging population and high adoption of internet of things. According to a recent study report published by the Market Research Future, the global market of Smart City is booming and expected to gain importance over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
Smart city gives solutions to all problems such as traffic congestion can be solved by smart transport solutions, smart buildings reduces the infrastructure problem and many more. Therefore, the increasing urbanization is driving smart city implementation. Apart from it, increasing aged population is demanding the smart city implementation thus driving the smart city market. Smart city aims to deliver a sustainable environment to live and its smart sensors, healthcare devices, remote monitoring and others can manage and satisfy all the needs and necessities of the aged population. The world's population is growing older rapidly, people tend to live longer. According to U.S. census is 617.1 Billion world's population is aged 65+ yrs. aged. The U.S. census forecast from 2025 to 2050 that the older population is projected to almost double to 1.6 billion globally, whereas the total population will grow by just 34 percent over the same period.
The other factors driving the global market of Smart City Market are growing technology addiction for improving lifestyle, and rise in automation among others. Urbanization is increasing tremendously as per the observations by the United Nations. The United Nations has predicted that by 2050, about 64% of the developing world and 86% of the developed world will be urbanized. In this changing environment, due to the increasing population, excessive use of polluting machines and large amount of wastes the environmental concerns are ever increasing.
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