The
global smart city market is
expected to grow by USD 2118.14 billion during 2020-2024, according to the
latest market research report by Technavio.
C-suite executives are increasingly implementing advanced IT
service delivery models due to the rising consolidation of IT infrastructures, such
as networking systems and data centers. The adoption of IT services is
increasing with the growing need for IT modernizations in healthcare, BFSI,
telecom, and manufacturing sectors as well. This is boosting the need for
better connectivity and sustainability, which, in turn, is propelling the
deployment of smart city projects. Moreover, an increase in IT consolidation is
leading to the migration of youth to metropolitan cities in search of job
opportunities. This is further encouraging governments to develop smart cities
for better surveillance. Thus, the increase in IT consolidation and
modernization will boost the growth of the smart city market during the
forecast period.
As per Technavio, the enhanced global broadband connectivity
will have a positive impact on the market and contribute to its growth
significantly over the forecast period. This research report also analyzes
other significant trends and market drivers that will influence market growth
over 2020-2024.
Smart City Market: Enhanced Global Broadband Connectivity
The adoption of 4G for IoT communication is increasing due to
the low cost, efficiency, and flexibility associated with these networks. These
networks have advantages such as high-quality multimedia communication, a broad
spectrum of networks, seamless compatibility, and fast communication. The smart
city ecosystem is expected to evolve with the increase in the availability of
4G LTE as they facilitate higher volumes and faster transmission of data. Thus,
with the availability of such enhanced global broadband connectivity, the
market for smart city is expected to showcase a positive outlook during the
forecast period.
Smart City Market: Segmentation Analysis
This market research report segments the smart city market by application
(smart governance and education, smart energy, smart healthcare, smart
security, and others), and geographic segmentation(APAC, Europe, MEA, North
America, and South America).
The Europe region led the smart city market in 2019, followed by
North America, APAC, South America, and MEA. During the forecast period, the
European region is expected to register the highest incremental growth due to
factors such as the availability of high-speed wireless networks and increased
connected devices such as smartphones and IoT penetration.
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