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.
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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.
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