Smart city tech will grow exponentially in the next few years, driven by advances in information and communications technology, including IoT sensors and analytics platforms.
The smart city market is one of the fastest growing segments of government and is set to hit $775 billion in 2021, according to BCC Research.
In just a few years, the number of smart cities has grown from approximately two dozen to more than 100, and it's just the tip of the iceberg, with more than 600 cities set to "go smart" in the next few years.
"This is a large and growing market. There are currently around 100 smart city projects, and we think in a short period of time that will expand to roughly 10-13% of medium to large cities. We see about 5,000 cities of that size and 600 will go to smart city technology in the fairly near term," said Michael Sullivan, BCC analyst and author of the report, Smart Cities: Growing New IT Markets. The report defines a medium city as having a population of more than 150,000 people, and a large city as having a population of more than 500,000 people.
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