Global Smart City ICT Infrastructure Market

Dec 2019| VMF101A| Verified Market Research

Report Highlights

Global Smart City ICT Infrastructure Market Size By Type, By Geographic Scope and Forecast

According to Verified Market Research, the Global Smart City ICT Infrastructure Market was valued at USD 554.04 Billion in 2018 and is expected to witness a growth of 6.38% from 2019-2026 and reach USD 1,930.53 Billion by 2026.

A smart city is a city that undergoes development projects to integrate information and communication technology (ICT) and the internet of things (IOT) in a secure system to manage the assets of a city. These assets include schools, hospitals, power plants, libraries, waste management, law enforcement, water supply networks, and transportation systems.

A smart city uses urban informatics and technology to improve the efficiency of services. ICT lets the people interact directly with the community & city infrastructure and also monitors the surroundings of the city and its evolution that in turn opens new opportunities.

Factors such as rapid industrialization, population migration from villages to urban areas, and growing demand from the Asia Pacific region are expected to drive the market.

However, lack of awareness about the benefits of smart cities due to low literacy rates is expected to restrain market growth. Tackling this problem is a challenge faced by the market players globally.

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