Product ID: SQMIG45D2058
Report ID:
SQMIG45D2058 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
66 |
Figures:
75
In 2023, North America accounted for more than 30% of the global market for smart cities. The ongoing digital revolution in several sector verticals, including government, telecom, and finance, among others, can be credited with expanding the regional market. The area has a strong information and communication technology (ICT) infrastructure, federal and municipal governments work closely with ICT providers, and there are several well-known technology vendors there. These service providers and other local government bodies have broadly implemented certain elements of the civic connectivity infrastructure, which will facilitate the planning of the development of smart cities in the region. During the forecast period, these factors will support the expansion of the regional market.
Asia Pacific is expected to grow at a significant CAGR over the forecast period. The increase in disposable income, the emergence of digital infrastructure, globalization, and economic advancements are all factors that have contributed to the region's growth. Organizations in the Asia Pacific region is eager to take use of the advantages of cloud-based solutions, such as cost effectiveness, which is encouraging the development of applications like smart building, smart utilities, smart transportation, and smart governance.
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REQUEST FREE CUSTOMIZATIONSmart Cities Market size was valued at USD 692.61 billion in 2019 and is poised to grow from USD 870.61 billion in 2023 to USD 5426.3 billion by 2031, growing at a CAGR of 25.7% in the forecast period (2024-2031).
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Product ID: SQMIG45D2058