US: According to the new report from BCC Research, the global market for smart cities information and communication technologies (ICT) was valued at $212.3 billion in 2013 and $293.2 billion in 2014. The market is expected to reach $668.5 billion in 2019, with a CAGR of 17.9% from 2014 to 2019. According to the report, as environmental regulations have become stricter, there has been an increase in ‘green’ solutions and technologies that has fueled the growth in the smart cities sector. The current research show necessary heavy funding and capital expenditures will exert a huge restraint on the smart cities market. Various socio-economic and political factors also pose risks for the development of smart cities. The differences in the social strata and political agendas pose risks in the evolving smart cities projects, and so the current research aims to facilitate the compression on how the market works. Smart cities make extensive use of communication technologies to improve the quality of life of their citizens, stated Miguel Pimentel, Research Analyst, BCC.
Source: BW Smartcities