Smart City Market | Decrease in Prices of Connected Devices to Boost the Market Growth | Technavio
The smart city market size is poised to grow by USD 2118.14 billion during 2020-2024, progressing at a CAGR of almost 23% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Smart City Market 2020-2024 (Graphic: Business Wire)
IoT systems have revolutionized the connected network ecosystem over the last few years. Smart city infrastructure is based on an efficient and connected network system. The reduction in costs of IoT sensors and associated systems, and in the cost of broadband services has led to the implementation of smart cities across the world. Furthermore, the decline in hardware costs, installation costs, and tariff rates of network operators have triggered a surge in M2M security systems adoption in applications such as smart homes, connected cars, connected health, and precision agriculture. As the prices for connected devices continue to decrease in the coming years, the smart city market will witness significant growth.
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Proliferation of Smart City Projects in Emerging Economies will be a Key Market Trend
The proliferation of smart city projects in emerging economies, one of the key smart cities market trends, will also influence market growth. While developed economies have been working on creating smart cities for a decade, emerging economies are still in the planning phase and are launching several pilot projects. For instance, the government of India has initiated smart city projects for 100 cities. The installation of smart devices for these upcoming smart cities in emerging economies is expected to generate huge amounts of data. The analysis of this data would be required to improve business quality and innovate for a better future with faster connectivity by facilitating prompt suggestion-based services. As a result of these factors, the market will grow during the forecast period.
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Smart City Market 2020-2024: Key Highlights
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