The top priorities for smart cities initiatives are smart grids, followed by data-driven public safety and intelligent transportation, as global spending on smart cities initiatives reaches $189.5 billion in 2023, according to researchers at IDC.
Together, smart grids, advanced public transit, visual surveillance, outdoor lighting and intelligent traffic management will account for more than half of all smart cities spending throughout the 2019-2023 forecast, IDC predicts.
The use cases that will see the fastest spending growth over the five-year forecast are vehicle-to-everything (V2X) connectivity, digital twin, and officer wearables.
Singapore will remain the top investor in smart cities initiatives, driven by the Virtual Singapore project, IDC says. New York City will have the second largest spending total this year, followed by Tokyo and London.
Beijing and Shanghai were essentially tied for the number number five position and spending in all these cities is expected to surpass the $1 billion mark in 2020.
On a regional basis, the United States, Western Europe, and China will account for more than 70 percent of all smart cities spending throughout the forecast. Japan and the Middle East and Africa (MEA) will experience the fastest growth in smart cities spending with CAGRs of around 21 percent, IDC says. .
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