Home Science Technology Smart City Technologies Set to Reach US$100 Billion Industry Milestone in 2024

Smart City Technologies Set to Reach US$100 Billion Industry Milestone in 2024

0
smart city
smart city

The integration of artificial intelligence and IoT technologies continues to propel the expansion of smart city solutions as municipalities seek innovative approaches to urban challenges.

Over the past five years, the smart city market has surged by 140%, culminating in a projected $100 billion valuation this year.

China remains at the forefront of this growth, accounting for one-third of total industry revenue. Smart city initiatives leverage IoT, software, and communication networks to address issues ranging from cybersecurity threats to traffic congestion. Key solutions include security cameras, waste sensors, parking systems, air quality monitors, utility management, and smart lighting.

In 2024, global smart city revenues are forecasted to increase by 17% to $104.8 billion, with China leading the charge with an 18.5% growth to $43.5 billion. Europe and North America also demonstrate significant market share, with revenues expected to reach $20 billion and $21.2 billion, respectively.

Looking ahead, projections indicate continued growth, with revenues expected to reach $165.8 billion by 2028. The number of smart city connections is also set to rise dramatically, reaching nearly 5.3 billion by 2028, with China driving the majority of this expansion.

Send your news stories to newsghana101@gmail.com Follow News Ghana on Google News

NO COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

error: Content is protected !!
WP Radio
WP Radio
OFFLINE LIVE
Exit mobile version