MARKET SIZE

The smart cities market is forecast to grow by 20% per year from over US$ 300bn in 2015 to over US$ 750bn in 2020. The largest market is in Europe with a size of close to US $130bn. More recently, the Asia Pacific region is playing catch-up. This region will grow at the highest rate of nearly 37%, increasing the size of the market from around US $50bn to US $ 220bn. Growth in the APAC region is influenced by exciting new projects, among these, in Australia, China, South Korea, Japan, Singapore, Thailand, and India. These roll-outs are part of large-scale development projects, and involve significant capital spend. This huge opportunity for technology platform provider vendors is available due to the implementation of integrated Internet of Things (IoT) solutions in a smart city. These IoT solutions have various segments, such as hardware, software, and cloud security services.