In a recent report unveiled on Wednesday, it was revealed that smart city technologies are poised to soar into a $100 billion industry by the end of 2024, reflecting a remarkable surge in demand for urban innovation solutions.
Stocklytics.com data showcased an astounding 140% growth in the market size of smart city technologies over the last five years.
Harnessing the power of the Internet of Things (IoT), alongside an array of software, user interfaces, and communication networks, smart cities are revolutionizing urban landscapes by addressing multifaceted challenges.
These range from tackling public and cybersecurity threats to mitigating traffic congestion and optimizing energy management, all the way to enhancing e-governance.
Statista reports indicate that global revenues from smart city technologies stood at $37.5 billion in 2018, a figure that has since surged by 140% to nearly $90 billion last year.
Unsurprisingly, China continues to lead the charge as the largest and fastest-growing market in the smart city arena. Projections suggest a remarkable 18.5% increase in Chinese smart city revenues, reaching an impressive $43.5 billion this year.
While Europe emerges as a prominent adopter of smart city technologies, North America retains its position as the second-largest market.
Looking ahead, forecasts paint a picture of sustained growth, with worldwide smart city technology revenues projected to escalate by an average of $15 billion annually, culminating in a staggering $165.8 billion by 2028.
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