GLOBAL
Page 25
SMART CITIES
ON THE RISE
e: estimated; p: projected
Source: MarketsandMarkets Analysis
North America Europe Asia Pacific Latin America Middle East and Africa
2018-e 2019 2020 2021 2022
2016 2017
308.0
717.2
2023-p
Across the world, the smart cities
market is experiencing steady and
significant growth—and all signs indicate
there's more to come. According to
MarketsandMarkets™
1
, this evolution is due
to an increased demand for greater public
safety, rising urban population and growing
government initiatives. In a comparison
of five regions (Asia Pacific, Europe, Latin
America, Middle East and Africa and North
America), the biggest advancements are
expected to come from Asia Pacific, where
vigorous government initiatives are in place
to substantially increase the number of
smart cities and smart city technologies.
As a whole, the smart city market is expect-
ed to grow from US$308 billion in the year
2018 to US$717.2 billion in 2023.
In a similar study revealed in Middle East
Construction News
2
, the Middle East and
Africa's smart cities market is expected
to double from
US$1.3 billion in
2018 to US$2.7 billion
by 2022, according
to a report by KPMG
at the sixth Annual
Arab Future Cities
Summit held in
Dubai, UAE, on
16-17 September
2019.
With the smart city trend comes the oppor-
tunity for creative technology innovation
in areas such as the Internet of Things (IoT)
and artificial intelligence. Expect BICSI to
focus on these important areas as we work
to educate the ICT/ELV community through
our global conferences and events and
training opportunities.
1
"Smart Cities Market by Smart Transportation (Type, Solutions
and Services), Smart Buildings (Type, Solutions and Services),
Smart Utilities (Type, Solutions and Services), Smart Citizen
Services, and Region – Global Forecast to 2023,"
MarketsandMarkets, Smart Cities Market, January 2019,
Report Code: TC 3071
marketsandmarkets.com/Market-Reports/smart-cities-mar-
ket-542.html?gclid=EAIaIQobChMI5-ufip7s5AIVGHiGCh1RBQ-
jpEAAYASAAEgKbLvD_BwE
2
Angitha Pradeep, "MEA smart cities market investments
to reach $2.7bn by 2022," Middle East Construction News,
September 2019
meconstructionnews-com.cdn.ampproject.org/c/s/mecon-
structionnews.com/36923/mea-smart-cities-market-investments-
to-reach-2-7bn-by-2022/amp
Smart Cities Market by Region (USD billion)
