Global smart city ICT market set to reach $995bn by 2023

The smart city information and communications technology (ICT) market has been forecast to be worth $994.6bn by 2030.

The global market was valued at $476.7bn in 2016, according to a report released by BCC research.

Smart city ICT is expected expand at a compound annual growth rate (CAGR) of 15.8% during the review period.

The market’s increasing value has been linked to rapid urbanisation, growing populations, and calls for sustainability.

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“Advanced technologies are at the very heart of a connected and automated city of the future,” stated Dawood Al Shezawi, President of Strategic Marketing and Exhibitions.

“This reality is the influential force behind the flourishing global smart city ICT market worldwide as presented by the BCC research.”

“Sensors, the Internet of Things (IoT), robotics and machine learning, blockchain, artificial intelligence (AI), and many more are going to serve as a foundation for smart cities and their complex ecosystems.”

“Discussions on the role of technologies in connectivity and sustainability, among others, will take the centre stage at the 2019 edition of the Future Cities Show in Dubai, where experts, leaders, and stakeholders will convene to tackle opportunities and challenges in establishing genuine smart cities.”