Smart Cities Market

Date: 7/14/2014

The Global Smart Cities Market Is $654.57 Billion in 2014 and Is Expected To Reach To $1,266.58 Billion in the Year 2019

Smart Cities Market-Including Smart Home, Building Automation, Energy Management, Industrial Automation, Smart Healthcare, Smart Education, Smart Water, Smart Transportation, and Smart Security

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  • Publishing Date: May 2014
  • Report Code: TC 2473

Smart city is a concept aimed to provide a set of new generation services and infrastructure with the help of information and communication technologies (ICT). Smart cities are differentiated in terms of their governance, technological advances, economical benefits, and social and environmental standards.

Rapid urbanization of cities is posing infrastructural challenges to governments and municipalities, globally. As more and more people transcends into urban settings, we would require more cities to live in. Current trends show that in the next 20 years, urban population will cross 5 billion marks. As cities grow and expand their services, management and governance become increasingly complex. Thus transformation of the cities is needed to address the social, economic, engineering, and environment challenges. Along with these issues, this research report provides analysis of the trends and opportunities for the global smart cities market.

A smarter, efficient city that would encompass aspects of intelligent transportation, security, energy management, CO2 emissions, and sustainability is the ideal option for decision makers and authorities. Smart technologies which are the engines of the smart city market are environmental friendly; as they reduce CO2 emissions and energy costs and provide operational ease. These technologies are designed with features that can identify problems at a very early stage, enhance security and safety of people living in the cities.

Smart transportation, smart security and smart energy management are the most important components in the smart cities market. Citizens and governments are becoming environment conscious and want to reduce their carbon footprint, thus, driving the market. Time and resources management benefits achieved through smart technologies is the major advantage that smart cities have over traditional infrastructures.

With the increasing presence of smart technologies in the smart cities, there is an associated services market, which is also growing. Other than the traditionally service market associated to maintenance, repair, replace, upgrades or operations outsourcing, there are additional services like consulting, under which are business, operation, change management, transformation and people management and software services such as business analytics and cloud computing.

Out of all the smart cities market be types, Smart Transportation is expected to gain large market traction during the forecasted period because of the rise in the solution such as traffic management, ticketing management, integrated supervision system, parking management and guidance system and passenger information system. North America is the largest revenue generator in an entire market. The regions such as APAC and MEA are the most attractive market for the players operating in this market because of their high investments in the smart cities projects. The growth in Europe is also expected after recession with slowly increasing investments in infrastructures to improve public facilities.

The global smart cities market is $654.57 billion in 2014 and is expected to reach to $1,266.58 billion in the year 2019. It is expected to grow with the Compound Annual Growth Rate (CAGR) of 14.1% during the year 2014 to 2019.

The major players included in this market are IBM, Alcatel-Lucent, Accenture, ABB, Cisco, Cubic, Honeywell, Intel, Siemens and Oracle. The market research report analyzes global adoption trends, future growth potential, key drivers, restraints, opportunities, and best practices in this market. The report also analyzes market sizes and revenue forecast across different geographies as well as industry verticals.



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