Global smart cities market
The market report Smart Cities Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 reveals that the global smart cities market is expected to grow at a CAGR of 14.0% from 2013 to 2019, reaching a value of USD 1,265.85 billion. The migration of people from rural to urban areas is the major factor driving the growth of smart cities market, globally.
North America was the largest contributor to the smart cities market in 2012, accounting for 34.5%. This is mainly attributed to; smart grid investments, upgrades in water infrastructure and the transportation sector. The manufacturers in this region are also investing more in smart meters and smart grids to provide a foundation for smart city programs.
Among the different application categories, the 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 different modes of transport to improve traffic flow in both urban and inter-urban networks. Smart transportation systems also help reduce delays and fuel consumption.
Smart security is the fastest emerging segment, expected to grow at a CAGR of 15.0% during the forecast period from 2013 to 2019.
In terms of geography, North America represents the largest market for smart cities and is expected to reach a market size of USD 392.41 billion by 2019. Regional governments are taking steps to reduce their 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.
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