ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research announces the release of a report titled “Global Smart Cities Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”. The global market for smart cities stood at US$506.78 billion in 2012 and is expected to grow to US$1,265.85 billion in 2019 at a CAGR of 14.0% from 2013 to 2019.
With rural population shifting to bigger cities in search of lucrative employment, governments are now faced with serious infrastructural challenges. With limited resources to meet the rapidly increasing demand, it is becoming difficult to accommodate people and meet their needs on a daily basis. In order to reconcile the issue of ever-increasing needs with limited number of resources, governments – especially in emerging economies – are looking at alternatives to built smart cities equipped with smart buildings, smart homes, intelligent transportation, energy management, education systems, healthcare facilities, and security and sustainability methods for each of these. The main objective of the smart cities market is to address social and environmental issues, provide engineering solutions, and aim towards a brighter economic future.
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The global smart cities market is segmented on the basis of type and geography. By type, the market is divided into smart buildings, smart transportation, smart healthcare, smart security, smart homes, smart education, smart energy management, and smart water management facilities. Geographically, the market includes North America, Europe, Asia Pacific, and Rest of the World.
Some of the key players in the global smart cities market are ABB Ltd., Siemens AG, Accenture PLC., Hitachi Ltd., Alstom S.A., Cisco System Inc., Ericsson Inc., Dassault Systems S.A., General Electric, Honeywell International Inc., International Business Machines Corporation, Oracle Corporation, Alcatel-Lucent S.A., and Intel Corporation.
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