Global Smart Cities Market Report 2022: Industry set to grow at 20.5% CAGR from 2022-2030 - Astute Analytica
Source: EIN Presswire - NEWS PROVIDED BY Astute Analytica
The global smart cities market size is expected to grow from US$ 1,25,325.5 million in 2021 to US$ 6,70,424.1 million by 2030 by registering a compound annual growth rate (CAGR) of 20.5% during the forecast period, i.e., 2022-2030.
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A technologically advanced urban setting that incorporates a variety of electronic devices, voice activation techniques, and sensors is known as a smart city. These devices are used to monitor and manage traffic, waste, transportation systems, utilities, power plants, crime detection, water supply networks, etc.
Factors Influencing the Market
Drivers:
The growing demand for communication and public safety infrastructure, along with increasing government initiatives, is expected to fuel the growth of the smart cities market. For instance, the Indian government has a target of developing around 100 smart cities in the country, for which the government has set aside a budget of US$ 15 billion.
Additionally, Thailand-U.S. inked a partnership for the development of smart cities in September 2022. Thailand’s Digital Economy Promotion Agency (DEPA) will obtain technical support from the U.S. Trade and Development Agency (USTDA) through this partnership, aiming at enhancing the information and communications technology (ICT) infrastructure.