Home Press Releases Smart Cities Market Expected to Reach USD 1,265.85 Billion Globally
Smart Cities Market Expected to Reach USD 1,265.85 Billion Globally
Posted on May 22, 2014
According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) “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.
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.
Browse the full report at http://www.transparencymarketresearch.com/smart-cities-market.html
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
- Asia Pacific
- Rest of the World (RoW)
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports thrive to provide clients to serve their overall research requirement.
Ms. Sheela AK
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Share This Article!
- Security Printing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
- Security printing includes printing of banknotes, product authentication, postage stamps, identity cards, stock certificates and passports. Companies, government organizations and institutes protect their valuable documents such as coupons, prescription pads and transcripts with by incorporating few features of the security printing in order to reduce the cost. Security printing is done to avoid tempering,...
- Infrastructure Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020Infrastructure solutions help business organizations in smoothly and efficiently executing their business operations. These solutions integrate various departments such as manufacturing, finance, human resources and other valuable assets of the company thereby maximizing the throughput of the business. Such solutions are an integral part of any business organization that cost-effectively meets the demands of...
- Personal Identity Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020Personal Identity Management (PIM) refers to the rules, standards and algorithms by which individuals and any organization controls share and use confidential information with other individuals and organizations. As the people are increasingly leaving their digital footmarks across various media and channels, the companies are able to leverage this data to as a part of their marketing strategy (for targeted...