A Smart City is basically a developed city or an urban area focused on high quality life and comfort with the help of Information and Communications Technologies. The concept of Smart City is primarily focused in excelling multiple key components like government, living standards of public, economy, mobility and environment with the help of strong funds and ICT infrastructure.
A smart city can also be referred as a 'Digital City'. This term signifies a city which is digitally advanced and well developed. Wikipedia defines the concept 'Smart City' as ' a city that can be defined as smart when investments in human and social & 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. The concept of smart city essentially signifies ' efficiency' based on the intelligent management and integrated Information and Communication Technologies, and active citizen participation. Also, the term 'Smart Cities' is refers to smart grids, smart meters,smart homes, building automation, physical securities, life securities, facilities management, energy management, and other ICT infrastructure.
(Source:- Marketsandmarkets )
Marketsandmarkets provides a detailed information about the market scenario of smart cities. According to marketsandmarkets, the global smart cities market is estimated to grow from $526.3 billion in 2011 to $1023.4 billion by 2016. This represents a compound annual growth rate of 14.2% for the period 2011 to 2016. For more information about the market, click on the following link:-
http://banmidow007.newsvine.com/_news/2014/03/18/23141474-smart-cities-market-worth-1-trillion-by-2016
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