Global Smart Cities Market was Valued at US$ 1069.4 Billion

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A smart city is a city or region that collects data using various types of electronic Internet of Things (IoT) devices and then uses the insights to effectively manage resources, assets, and services. This information is gathered from devices, citizens, and assets, then processed and analyzed to manage and monitor traffic and transportation systems, water supply networks, power plants, criminal detection, trash management, schools, hospitals, libraries, and other community services. Applications for smart cities include.

Smart security refers to proactive measures taken to prevent crime, terrorism, and civil unrest. Smart Cities Market solutions monitor city and law enforcement activity in public spaces 24 hours a day, seven days a week, by analyzing patterns and tracking occurrences and suspects, allowing for a faster reaction. One of the most important aspects of any economic development is the advancement of energy infrastructure. 

Some countries are encountering challenges with grid reliability and the upkeep of their aging energy infrastructures. By deploying smart energy grids and technologies, smart cities provide improved infrastructure for the optimal utilization of energy and increase energy efficiency. As a result, the growing use of smart grid sensors is likely to move the Smart Cities Market forward. According to Coherent Market Insights' data, China's annual rate of change in urbanization was 3.0 percent from 2010 to 2015, while India's was 2.38 percent. As a result, both established and developing economies are focusing on smart city projects to deploy new technologies that ensure efficient resource utilization.

During the projected period, the global Smart Cities Market is expected to rise due to widespread urbanization. Rapid urbanization has clogged landscapes and exacerbated concerns such as high energy use, climate change, water scarcity, and other socio-economic issues. According to the United Nations (UN), 54 percent of the global population lived in cities in 2015, and this number is anticipated to rise to 66 percent by 2050. This fast urbanization is anticipated to deplete existing resources. 

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