MarketsandMarkets recently conducted a study - Smart Cities Market worth $1 Trillion is expected to grow at a CAGR of 14.2% by 2016
Big players such as IBM and Accenture have tapped this potential significantly to establish leadership in the market place.
December 21, 2012
MarketsandMarkets recently conducted a study on Smart Cities - Projects, Advanced Technologies, Adoptions and Transformations - Worldwide Market (2011 - 2016), which analyzed and studied the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific and Rest of the World (ROW)
Browse 75 market tables spread across 318 pages and in-depth TOC on "Smart Cities Market - Worldwide Market Report".
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The study reports that overall smart cities market is estimated to grow double fold to $1,023.4 billion by 2016, at a CAGR of 14.2% for the period 2011 to 2016. Smart energy or energy management market is forecasted to be the fastest growing market with a CAGR of 28.7%, growing to $80.7 billion by 2016.
Global smart cities market is driven by the growth in smart energy, smart transportation and smart security market. Smart energy management market was estimated to be at $22.9 billion in 2010 and expected to reach $80.7 billion in 2016; whereas smart transportation and smart security, which includes homeland & urban security, market are expected to grow to $68.8 billion and $307.2 billion, respectively, in 2016.
With growing emphasis on reducing carbon emission and the fact that conventional cities form a major source of CO2 emission, planning a smart city becomes a viable option for governments and municipal authorities. Deploying technologies such as smart grids, smart metering for energy management; electric vehicle and traffic management with smart transportation and smart security are high growth areas within smart cities.
The report also draws the competitive landscape of the smart cities market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors.. The key players in this section include IBM, ABB, ARUP, Cisco, Alcatel-Lucent, Johnson controls and Telvent.
Along with the coverage of 18 ongoing key smart cities project, the report also draws the competitive landscape of the smart cities market, providing an in-depth comparative analysis of the technological and an overview of the marketing strategies that the players are adopting in order to gain an edge over their competitors.
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