Albany, New York, Oct. 7, 2014 (GLOBE NEWSWIRE) -- The global smart cities market is growing at a CAGR of 14.0% from 2013 to 2019. It should reach an overall value of US$1,265.85 billion in 2019; it was valued at $506.78 billion in 2012. All facts and statistics have been compiled using the research report titled "Global Smart Cities Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", by Transparency Market Research.
The report cites North America as the largest share holder in the smart cities market. It held 34.5% in 2012 and is expected to grow further over the next few years. The report says the main attributions for this majority go to a growing investment in smart grids and upgrades in the water and transport infrastructure. It also says that a majority of the manufacturers in the North American market are now investing in smart meters and smart grids, establishing a firm foundation for future smart city projects.
Browse the full Global Smart Cities Market report: http://www.transparencymarketresearch.com/smart-cities-market.html
Within its various applications, the smart transportation of smart cities held 16% of the market's share in 2012. The report states primary reasons for this sector's growth to be an increasing demand for advanced traffic management, reducing the delivery vehicles' volumes, and creating a superior transportation environment.
The report classifies the global smart cities market according to the end user application type and geography. By the end user applications, the report investigates smart homes, smart buildings, smart healthcare, smart security, smart transportation, smart energy management, smart education, smart water management, and smart industrial automation. By geography, the research report identifies North America, Europe, the Asia-Pacific Region, and the Rest of the World.
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Key players that are discussed elaborately by the report are ABB Limited, Oracle Corporation, Accenture PLC, Alstorm S.A., Siemens AG., Cisco Systems Inc., Alcatel-Lucent SA., Dassault Systemes S.A., Honeywell International Inc., Telefonaktiebolaget L. M. Ericsson, General Electric Company, Intel Corporation, Hitachi Corporation, and International Business Machines Corporation (IBM).
According to the report, a city will be classified as a smart city only after it encapsulates the characteristics of smart homes, smart buildings, energy management, intelligent transportation, sustainability, and security. Smart cities are supposed to provide a streamlined infrastructure and new generation services that come supported with Information and Communication Technologies (ICT). Smart cities should help reduce carbon dioxide emissions, save energy costs, and utilize natural resources with efficiency.
Browse the full Press Release of Global Smart Cities Market: http://www.transparencymarketresearch.com/pressrelease/smart-cities-market.htm
The report also mentions the steps taken by regional governments in order to reduce the local carbon footprint, by use of renewable energy and reducing waste products. For example, North American governments have an objective to reach zero wastage of energy by 2020.
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Source:Transparency Market Research