Transparency Market Research

Smart Cities Market: Comprehensive Evaluation of the Market via in-Depth Qualitative Insights


Albany, NY -- (SBWIRE) -- 11/17/2017 -- A new market study published by Transparency Market Research (TMR), which is titled "Global Smart Cities Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", examines the developments in the global smart cities market for the period 2013-2019. According to the report, the said market will rise at a phenomenal CAGR of 14.0% for the market to be valued at US$1,265.85 bn by 2019 increasing from US$506.78 bn in 2012.

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The report covers the regional and technological trends that will affect the dynamics of the smart cities market for the forecast period. Included in the report is an in-depth analysis of the major segments of the smart cities market with market size estimates provided for each segment for the forecast period.

Rapid population growth in urban areas is regarded as the first and foremost factor driving demand for the development of smart cities. Due to the massive migration of populations from rural to urban areas, the municipalities and local bodies are facing infrastructural challenges, which require a sustainable solution to fulfill the needs and wants of the growing population. This has led to the emergence of the concept of smart cities.

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Smart cities are planned to include smart homes, intelligent transportation, security and sustainability, smart buildings, and energy management, among other things, to render the best developmental options for authorities and decision makers. On the design part, the use of modern information and communication technologies (ICT) helps identify problems at an early stage, which in turn offers added safety for residents and an improved quality of life.

In this regard, the development of smart cities is carried out in an endeavor to address the economic, environmental, engineering, and social challenges arising due to the exodus of population from rural to urban areas across the world.

By application, smart transportation held the largest share of almost 16% of the global smart cities market in 2012. This was mainly due to the rising demand for advanced traffic management, need to reduce the volume of delivery vehicles, and build a superior transportation environment.

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Concurrently, smart transportation connects the various transportation modes for improved traffic flow in both urban and inter-urban road networks. The use of smart transportation significantly helps to reduce travel delays and cut fuel consumption, which implicitly minimizes the economic burden on governments.

Smart security will be the fastest growing application segment and will display a CAGR of 15.0% from 2013 to 2019, the report states. The growing popularity of smart security is attributed to its ability to stop third-party misuse of data or systems by imposing high security requirements on in-use technology.

North America is the largest market for smart cities and will reach US$392.41 bn by 2019. In a bid to reduce the carbon footprint, regional governments are making efforts for increasing the use of renewable energy sources. Regional governments in North America are striving to achieve 'zero energy wastage' target by 2020. This factor will further supplement the growth of the smart cities market here.