With the decreasing price of connected devices, the market for smart cities is expected to grow exponentially namely in the fields of smart governance and education, report finds.
Between 2020 and 2024, the smart cities market is expected to grow to $2118bn. The report from Technavio, the global tech and research advisory company. The report also found that the forecasted growth will amount to around 23%.
Connected devices have become more accessible over the past few years and their potential is beginning to become realized. The decreased costs associated with IoT has led to a greater uptake I smart city technologies across the world.
Technavio stated that the decline in hardware and installation costs as well as tariff rates of network operators have all triggered this surge in adoption. We have seen more smart homes come into fruition as well as connected healthcare systems, precision agriculture, cloud-based education and connected cars, among others.
It has already been established that more developed countries have been working on smart city projects for over a decade now however, with better accessibility to smart city tech, emerging economies are beginning to implement smart city projects of their own. The report believes that this will highly influence the smart city market and its trends.
The report also highlighted that major smart city market growth will come from education and smart governance. Technavio also found that Europe had the largest smart cities market share in 2019 and that it will continue to provide market vendors with more growth opportunities throughout the forecast period.