Global smart cities market size was valued at USD 567.45
billion in 2013. Exponentially increasing population, and rapid urbanization
coupled with continuous industrialization are key factors expected to
positively affect the market. Smart cities are developed & designed to
cater to a wide range of challenges including urban mobility, energy
management, street lighting, public safety and water management. The market is
expected to register a rapid growth at an estimated CAGR of 13.6% from 2014 to
2020.
Smart cities are developed using
latest technologies including sensor networks, data analytics, cloud computing
and wireless communications. Implementation of smart cities is based on the
reduction of dependency on non-renewable resources for energy and improving
fuel efficiency.
Smart transportation was the
largest application segment accounting for 16.1% of the global market share in
2013. Rising popularity of transport solutions including parking management,
ticketing management, guidance system, passenger information systems, traffic
management and supervision system is expected to augment the market demand over
the forecast period. Smart transportation is anticipated to witness growth at
an estimated CAGR of 15.2% over the forecast period.
Smart security was valued at USD
77.19 billion, owing to increasing incidences of theft resulting in higher
security needs. The smart-security application segment is expected to witness
significant gains at a CAGR of 14.8% from 2014 to 2020. Industrial automation
is anticipated to witness significant gains at a CAGR of 14.4%,owing to the
rising demand for integration of intelligent systems and communication
infrastructure.
Browse full research report on Smart Cities Market: http://www.grandviewresearch.com/industry-analysis/smart-cities-market
North America dominated the
global market generating revenues of USD 194.98 billion in 2013. The regional
market is expected to witness a rapid growth at a CAGR of 12.3% over the
forecast period, owing to rising development of the transportation sector and
water infrastructure. Stringent government regulations, to minimize the carbon
emission, are projected to boost market demand.
Asia Pacific accounted for 21.7%
of the market share in 2014 and is expected to witness significant gains owing
to the rising expendable incomes, improved living standards and an
exponentially increasing population in the emerging economies of the region.
Smart transportation, smart energy manager, and industrial automation are the
leading application segments in the region owing to the rising demand for
residential developments and increasing R&D developments in the region over
the forecast period.
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Research: http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
Major players dominating the smart cities market are IBM,
Honeywell, Cisco, Accenture, Oracle, and Alcatel-Lucent. The market is
characterized by mergers & acquisitions, strategic agreements, and
contracts with distributors.
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