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.
In depth research report on 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.
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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