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Smart City Technology Spending to Reach $158 Billion in 2022

Smart City Technology Spending to Reach $158 Billion in 2022

Investment in Smart City related technologies will be more than $81 billion globally in 2018, and overall spending is set to grow to $158 billion in 2022, as per International Data Corporation (IDC) Worldwide Semiannual Smart Cities Spending Guide

Out of 25 use cases across five strategic priorities, the report list three major use cases for global Smart Cities spending in 2018. These use cases will attract one-quarter of global investment in 2018.
  • Fixed visual surveillance
  • Advanced public transit  
  • Smart outdoor lighting
The Program Manager in IDC's Customer Insights & AnalysisGroup, said Serena Da Rold said, "The new edition of IDC's Worldwide Smart Cities Spending Guide represents a substantial stride towards gaining granular insight into how cities around the world are transforming. We are now delivering detailed sizing of 25 named use cases, as well as the first release of a new database of spending at City level. Intelligent transportation and data-driven public safety remain the largest investment areas, but we are also finding significant pockets of spending and growth in back-office and platform-related use cases, which are less often publicized but increasingly happening behind the scenes in cities around the world."

Out of 9 global regions, about 42% of global spending in 2018 will be contributed by the Asia/Pacific region, including China and Japan. Americas will contribute 33% of global spending followed by Europe, Middle East, and Africa (EMEA) contributing around 25% of global spending in Smart Cities technologies. With over $23 billion in 2018, the United States is the largest country market for Smart City spending followed by China.

Additionally below use cases will emerge that will drive large investments in Smart Cities,
  • mobile video capture and recording in the United States and Latin America 
  • digital permitting, licensing, and inspection in the Middle East and Africa region.
Vice president of IDC's Smart Cities and Communities programs, Ruthbea Yesner said, "IDC expects to see strong, continued investment by the private and public sector in urban areas and in Smart Cities and Communities programs and projectsThis also means that it is a more competitive market. This spending guide offers solution suppliers the ability to take a data-driven approach to developing products and services, and understanding buyer trends."

In 2018, Singapore, Tokyo, New York City, London, and Shanghai are the leading cities driving 15% of global Smart City investments, according to IDC database of 53 cities, the announcement said.

The International Data Corporation (IDC) Worldwide Semiannual Smart Cities Spending Guide can be downloaded at IDC website.


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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional & Fintech, Cloud, IoT, and Blockchain enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about Fintech, Cloud, IoT, AI and Blockchain, and the effects they will have economically and socially in the future.

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