Worldwide Smart City Industry is Expected to Reach $2.8 Trillion by 2026
Growth in the market was supported by factors such as increasing technology spending on smart city initiatives, rising global urbanization and surging infrastructural investment. Growing adoption of artificial intelligence is likely to act as a key trend for the market, opposed by rise in privacy & security concerns over IoT that would impose challenges on the market.
The global smart city market can be segmented as follows: governance & education, energy, healthcare, security, infrastructure, building and mobility. The dominant share of the global smart city market in 2020 was held by governance & education system, followed by energy, healthcare, security, infrastructure, building and mobility segment.
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