SMART CITY SECTOR IS EXPECTED TO GROW $100 BILLION INDUSTRY IN 2024

Wed 05 June 2024:

Smart city technologies are projected to become a $100 billion industry in 2024, driven by the increasing adoption of innovative urban solutions, according to a new report from Stocklytics.com.

The market size has surged by 140% over the past five years, leveraging the Internet of Things (IoT) and various software, user interfaces, and communication networks to address urban challenges like cybersecurity, traffic congestion, energy management, and e-governance.

In 2018, global revenue from smart city technologies was $37.5 billion, growing to nearly $90 billion last year. The report highlights China as the largest and fastest-growing market, with Chinese smart city revenues expected to rise by 18.5% to $43.5 billion this year. Europe leads in adoption outside China, while North America remains the second-largest market.

Projections indicate that the sector will continue to expand, with global smart city technology revenues anticipated to grow by an average of $15 billion annually, reaching $165.8 billion by 2028.

The significant expansion of the smart city market reflects a broader trend toward digital transformation in urban environments, aiming to enhance efficiency, sustainability, and quality of life for city residents. As cities continue to adopt these technologies, the smart city industry is poised for sustained and dynamic growth in the coming years.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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