The global smart city ICT infrastructure market will record 17% annual growth through to 2021, according to a new report issued by Technavio.
Revenue generation is expected to reach $412.89 billion by 2021.
The rising need for smart cities is one of the key factors triggering the growth of the market.
Key market trends include:
- Partnerships among countries to develop smart cities
- Fair fragmentation of the market with many players occupying the market share
- 37% of the market growth is expected to come from the EMEA region.
In 2016, the Americas accounted for 41% of the global market and is projected to decline to 36% by 2021, exhibiting almost 5% decrease in market share.
An example of a smart city project is the one being built in Kuwait under the supervision of public and private sector companies in South Korea, such as Hyundai Architects, Engineers Associates and POSCO A&C.
The construction of the $4 billion, 15,000 acre-smart city will begin in 2019. The smart city has been named South Saad Al-Abdullah and will provide accommodation to more than 20,000 families.