Albany, NY -- (SBWIRE) -- 03/30/2018 -- With a large number of domestic, as well as international players, the global smart cities market is displaying a highly competitive business landscape, states a new study by Transparency Market Research (TMR). Oracle Corp., Intel Corp., Hitachi Ltd., International Business Machines (IBM) Corp., General Electric Co., Honeywell International Inc., Telefonaktiebolaget L. M. Ericsson, Dassault Systemes S.A., Cisco Systems Inc., Alcatel-Lucent SA., Alstom S.A., Siemens AG., Accenture Plc, and ABB Ltd. are some of the key players operating in this market. The competition among these players is anticipated to increase significantly in the years to come, reports the market study.

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As per the research report, the global market for smart cities was worth US$506.78 bn in 2012. Research analysts project this market to rise at an impressive CAGR of 14.0% during the period from 2013 to 2019 and reach a whopping value of US$1,265.85 bn by the end of the period of the forecast. Smart cities solutions find an extensive application in the transportation sector. With the augmenting demand for advanced traffic management and the increasing need to decrease the volume of delivery vehicles and construct a superior transportation environment, the scenario is likely to remain so over the forthcoming years. In terms of the geography, North America has been the dominant regional market for smart cities and the trend is predicted to continue in the near future, states the research report.

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"The global market for smart cities is witnessing a substantial rise, thanks to the increasing urbanization across the world with the increasing migration of people from rural to urban areas," says a research analyst at TMR. The growing consciousness among consumers regarding the conservation of energy and the increasing trend of green infrastructure are also supporting the growth of this market considerably, notes the market study.

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On the other hand, various concerns over security and the lack of engagement of stakeholders may hamper the growth of the global market for smart cities in the near future. However, the advent of driverless cars, electronic waste management systems, and wearable computer devices are expected to minimize the impacts of restraints over the next few years, states the research report.