Smart Cities Market Size Segment Forecast 2022-2026 globaldata.com

In 2021, the smart cities market was worth US$511.1 billion and is expected to expand at a CAGR of 8.1% between 2022 and 2026. One of the primary causes for the world's growing urbanization is the tendency of people to move to cities. The growth of smart cities has been fueled by the fact that while cities only cover 2% of the Earth's surface, they are home to 50% of its population.

In addition, the efficiency of smart city solutions has increased as a result of advancements in smart city technologies, which has increased the confidence of ministries and governments in the implementation of these solutions. Over the forecast period, the adoption and implementation of smart city solutions is also anticipated to rise as a result of the effective utilization of emerging technologies like Artificial Intelligence (AI) and the Internet of Things (IoT).