The decreasing price of connected devices is expected to fuel the smart city market in the next four years, progressing at a compound annual growth rate of 23% throughout the period growing, according to a recent report by Technavio.
The report by the global technology research and advisory company estimated the smart city market to grow by USD 2118.14 billion during 2020-24, highlighting governance and education segments as key areas for growth.
Technavio states 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 price for connected devices continue to decrease in the coming years, the smart city market will witness significant growth.
Additionally, 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.
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.
To access the report, click here.