Migration from Rural to Urban Areas to Push the Growth of the Global Smart Cities Market at 14% CAGR During 2013-2019 : TMR

Albany, NY -- (SBWire) -- 05/13/2015 --The increased awareness about saving energy coupled with the need for planned urbanization has led the global smart cities market to grow exponentially. With the governments across the globe understanding the need for smart cities, the global smart cities market is expected to grow at a CAGR of 14.0% during the period between 2013 and 2019. By the end of 2019, the market is estimated to be worth US$1,265.85 billion.

Lack of Stakeholder Engagement to Negatively Impact the Global Smart Cities Market

The development of smart cities is based on improving energy efficiency through sustainable economic development while focusing on sectors such as transport, healthcare, energy, water, and waste. With urban areas offering better opportunities, there has been an increase in migration from rural to urban areas. In developing economies such as China and India, the migration from rural to urban areas is very common and it is increasing at a rapid pace. Rising population has resulted in the unplanned expansion of the cities, which are highly dependent on non-renewable fuel resources that increase environmental pollution. This has fuelled the growth of the global smart cities market. Green infrastructure is an integral part in the development of smart cities. Using vegetation, soils, and natural processes, green infrastructure manages water and creates healthier urban environments. The growing awareness about green infrastructure has also boosted the growth of the global smart cities market. However, the market will be negatively affected by the lack of stakeholder engagement in developing the smart cities along with the security concerns related to the devices installed in smart cities.

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According to the U.S. Environmental Protection Agency, 2.37 million tons of electronic waste was generated in 2009 by the U.S. alone, of which only 25% was recycled. The global smart cities market has a huge opportunity to grow in terms of electronic waste management. Also, the various wearable or implanted computer devices and driverless cars will hold enormous opportunity for the growth of the global smart cities market.

Smart Security Segment of the Global Smart Cities Market will grow at 15% CAGR

The global smart cities market has been segmented into seven different application categories: smart homes, smart buildings, smart healthcare, industrial automation, smart security, smart energy management, and others including smart education and smart water management. Due to the increasing demand for advanced traffic management systems and rising fuel prices, smart transportation segment accounted for the largest share of the global smart cities market in 2012, with more than 16% market share. During the forecast period between 2013 and 2019, smart security segment is expected to grow the fastest, at a CAGR of 15%, owing to the growing acceptance of the smart security devices to avoid third party misuse.

North America to be the Largest Region for the Global Smart Cities Market

A number of major cities of the world such as Tokyo, New York, Seoul, Cairo, Amsterdam, Shanghai, Dubai, and others have started working on smart cities project. Geographically, the global smart cities market has been divided into four major regions: Asia Pacific, Europe, North America, and Rest of the World. North America is expected to contribute significantly in the global smart cities market with the market in the region expected to be worth US$392.41 billion by 2019. With the aim to reduce their carbon footprints and achieve zero wastage of energy by 2020, the governments in the region are heavily investing in smart cities projects.

Key Players of the Global Smart Cities Market

The global smart cities market has been dominated by players such as Honeywell International Inc., General Electric Company, Alcatel-Lucent SA, Siemens AG, Accenture PLC, among others.

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