Market Research Reports Smart Cities Growing New IT Markets

Smart Cities: Growing New IT Markets
The Global Market for Smart City information and communications technologies has
continued to expand at a rapid pace. Total market value will increase to an
estimated $REDACTED billion in 2018 from around $REDACTED billion in 2017. Our
Research estimates that the market will reach $REDACTED billion in 2023 at
acompound annual growth rate (CAGR) of REDACTED%. In short, the market has
continued to gain momentum in the last few years as demand for more effective
citywide management methods becomes morepopular.
Regionally, North America will continue to dominate the global market for smart city
technologies, with more than REDACTED% market share through 2023. Technology
ubiquity, advanced investment and organizational models in cities led by New York,
Los Angeles and Chicago in the U.S. and Toronto, Vancouver and Calgary in Canada
will continue to drive investment. Our Research estimates that investment rate in
the region will increase from $REDACTED billion in 2018 to $REDACTED billion in
2023, growing at a CAGR of REDACTED% during that period.
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Competing next for scale are the markets of Europe and Asia-Pacific, where regional
and local governments are driving smart city technology adoption. Early investments
in Asia-Pacific will boost market value in the short term, at nearly $REDACTED billion
in 2018, helped by the aggressive growth investments by major countries.
Asia-Pacific’s CAGR of REDACTED% will allow it to surpass Europe in the lateryears of
the forecast period, despite major E.U. initiatives, such as energy management, that
will drive a REDACTED% CAGR in the region.
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