Article: Cities 4.0 market forecast to reach us$ 750bn by 2020
A report by the influential London-based Future Cities Catapult forecasts the smart cities market will grow by 20% per year from over US$ 300bn in 2015 to over US$ 750bn in 2020. What business opportunities does this trend offer? This overview examines core trends in a global market.
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.
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