Global Smart City ICT Infrastructure Market to Exceed USD 712 Billion by 2020

Source: LONDON--(BUSINESS WIRE)--

According to Technavio’s latest report, the global smart city ICT infrastructure market is expected to exceed USD 712 billion, growing at a CAGR of over 17% during the forecast period.

Global smart city ICT infrastructure market expected to exceed USD 712 billion, growing at a CAGR of over 17%.

According to Amrita Choudhury, lead analyst at Technavio for enterprise application research, “The smart city concept is a framework of urban development. The concept recognizes the growing importance of ICT in economic competitiveness.”

Increasing demand for improved lifestyles and urbanization are some of the factors creating a need for the smart city concept. Smart city projects enable effective management of energy, water, transport, health, building, security, and education so as to make optimum use of non-renewable resources.

In this report, Technavio covers the present scenario and growth prospects of the global smart city ICT infrastructure market from 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market. The market is segmented into the following three regions:

Americas
EMEA
APAC