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.

To request a sample copy or view summary of this report, click the link below:
http://www.grandviewresearch.com/industry-analysis/smart-cities-market

Further key findings from the study suggest:

  • 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.

See More Reports of This Category:
http://www.grandviewresearch.com/industry/emerging-and-next-generation-technologies

About Grand View Research:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: www.grandviewresearch.com

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s