Smart cities IDC's latest forecasts show that by 2020, related to a total investment of global smart city market will reach $114.4 billion, an increase of 11.1% over the 2019 year. The smart cities market in China is projected to reach $59.9 billion by 2023 from $30.4 billion in 2018 with a compound annual growth rate of 14.5%. Most quicker investments into the smart cities will grow in Latin America and Japan. A steady increase of smart city development around the world with the total value of the global smart city market projected to exceed US$ 2.5 trillion by 2025. Forward leaning cities from Seattle to Singapore to London are expected to spend nearly $124 billion in 2020 on smart city initiatives, an increase of 18.9% from 2019. The Global Smart Cities Market was valued at USD 624.81 billion in 2019 and is expected to reach a value of USD 1712.83 billion by 2025 at a CAGR of 18.30% over the forecast period 2020-2025. Global Smart Cities Market valued approximately USD 343 billion in 2016 is anticipated to grow with a healthy growth rate of more than 24.4% over the forecast period 2017-2025. Smart cities market is expected to reach USD 390.13 billion by 2027 witnessing market growth at a rate of 21.18% in the forecast period of 2020 to 2027. Smart cities will not be complete without smart homes so that forecast for the smart home market around the world in 2020 amounts to $40.9 billion. Latin America and Japan will see fastest growth in smart cities spending in 2020. With two-thirds of the world's population expected to be living in urban areas by 2050, smart cities will become essential to allocating the necessary resources for populations. Latin America and Japan will experience the fastest growth in smart cities spending in 2020. By 2025, the largest adopter of private networks will be local government, including networks to support public safety and smart cities. The Smart Home and Smart City market was valued at 12500 Milion US$ in 2019 and is projected to reach US$ 17700 Million by 2025, at a CAGR of 3.9% during the forecast period. By 2025, 5G commercial IoT connections in automotive, augmented and virtual reality, smart cities, smart homes, and digital health wearables will amount to more than $8 billion in billed operator revenue. A recent forecast from the IDC projects that the global spending on smart city initiatives will reach $189.5 billion in 2023. An estimated two-thirds of global cities will be investing in smart city technology by up to $135bn by 2021. The UK has found out that the global market for smart cities will reach $400 billion per year by 2020. Global Smart Cities Market was valued US$ 302.0 Bn in 2019 and is expected to reach US$ 1,520 Bn by 2027 at a CAGR of 23.3%. Increased urbanization which is already causing infrastructure problems, will drive the creation of smart cities. Smart city spending on the global scale is expected to reach USD 34.35 billion. The Global Smart Cities Market was valued at 528.16 billion in 2018 and is expected to reach a value of USD 1,447.87 billion by 2024 at a CAGR of 18.30% over the forecast period 2019-2024. See full forecast Last updated: 20 September 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
