Smart cities are aimed for sustainable economic development and high quality of life by using information and communication technologies in multiple areas such as economy, environment, mobility, healthcare, living, and government. Adoption of smart cities solutions, rapid urbanization, and demand for better quality of life are the key factors that drive the growth of the global smart cities market. The main purpose of the smart cities mission is to drive economic growth and to improve the quality of life of individuals by empowering local area development and harnessing technology, particularly the technology which leads to smart outcomes. Therefore, it has been estimated that cities which will deploy smart mobility applications are expected to reduce commuting time by 15-20% by 2025, which shows the benefits of smart cities applications and motivates the governments to adopt it.
Major Key Players of the Smart Cities Market are:AT&T Inc., Cisco Systems Inc., Ericsson, General Electric, Hitachi Ltd., Honeywell International Inc., Microsoft Corporation, Oracle Corporation, Schneider Electric SE, and others.
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