What Is Smart City ?
A city can be defined as ‘smart’ when investments in human and social
capital and traditional (transport) and modern (ICT) communication
infrastructure fuel sustainable economic development and a high quality of life, with a wise management of natural resources, through participatory action and engagement. source- wikipedia
Smart cities are identified on the basis of some dimensions. These dimensions includes natural resources,quality of life,human and social capital, transport and ICT economics,participation of citizens in the governance of cities.
Smart cities have some characteristics which includes the following:
Characteristics Of Smart Cities :
According to the Wikipedia the smart cities should have the following characteristics.
- A stage reached in the development of infrastructure
- A strategy for creating a competitive environment
- An approach to inclusive and sustainable cities
Market Overview Of Smart Cities :
Because of urbanization more people now live in cities than in rural areas. As the population of the world is growing on a continuous basis day by day the urban population is also growing at a faster rate.So, to improve the efficiency of urban systems, Smart information & communication technologies will be at the forefront.Globally, there are some 700 cities, each with
population exceeding 500,000 and are growing faster than the average
growth rate of cities. This opens up the market for industry players to
grow their business in new and emerging smart cities. The infrastructure
investment for these cities is forecasted to be $30 trillion to $40
trillion, cumulatively, over the next 20 years.
The overall smart cities market, valued at $526.3 billion in 2011, is forecasted to grow double fold to $1,023.4 billion by 2016, at a CAGR of 14.2% for the period 2011 to 2016. Among all application segments, we observe smart energy or energy management market to be the fastest growing market with an impressive CAGR of 28.7%, growing to $80.7 billion by 2016.
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