According to a new market report published by
Transparency Market Research "Smart Cities Market - Global Industry
Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the
global smart cities market is expected to reach a value of USD 1,265.85 billion
by 2019, growing at a CAGR of 14.0% from 2013 to 2019. Increase in migration
from rural to urban areas is the major factor responsible for the growth of
smart cities market, globally. North America was the largest contributor to the
smart cities market and accounted for a share of 34.5% in 2012. This is mainly
attributed to the increasing smart grid investments, upgradation in the water
infrastructure and transportation sector. The manufacturers in this region are
investing more in smart meters and smart grids to provide an excellent
foundation for smart city programs.
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full Smart Cities Market Report at
Among the different application categories, smart
transportation segment held the largest share of around 16% in 2012. This was
due to the growing demand for advanced traffic management, building a superior
environment and reducing the volume of delivery vehicles. At the same time,
smart transportation links the modes of transport to improve the traffic flow
in both urban and inter-urban networks. Smart transportation system helps in
minimizing the economic burden of government by reducing traveling delays and
fuel consumption rate. Smart security is the fastest growing segment and is
expected to grow at a CAGR of 15.0% during the forecast period from 2013 to
2019. One of the reasons for the growing popularity of smart security is that
it avoids third party misuse by imposing high security requirements onto the
used technology.
In terms of geography, North America represents
largest market for smart cities and is expected to reach a market size of USD
392.41 billion by 2019. The regional governments are taking steps towards
reducing the carbon footprint by increasing the use of renewable energy
resources. Governments in North America are currently working on an objective
to accomplish the target of zero wastage of energy by the year 2020.
Some of the major players in smart cities market
include Siemens AG, ABB Ltd., IBM Corporation, Hitachi Ltd., Alcatel-Lucent
S.A., Honeywell international Inc., Alstom S.A., General Electric Company,
Telefonaktiebolaget L. M. Ericsson, Cisco Systems Inc., Oracle Corporation and
others.
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Report at:
The global smart cities market is segmented as
below:
Smart
Cities Market, By Application
·
Smart homes
·
Smart buildings
·
Smart energy
management
·
Smart industrial
automation
·
Smart healthcare
·
Smart
transportation
·
Smart security
·
Others (smart
water management, smart education, so on)
Smart
Cities Market, By Geography
·
North America
·
Europe
·
Asia Pacific
·
Rest of the
World (RoW)
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