Smart city market size will cross $1,200 billion by 2022

smart city technology investmentThe size of the Smart City markets will grow to $1,201.69 billion by 2022 from $424.68 billion in 2017, at 23.1 percent CAGR during the forecast period, mainly due to rapid connectivity and fast telecommunication provision and hyper-urbanization.

Key technology vendors in the global Smart City market include Huawei, Cisco Systems, IBM, Microsoft, Oracle, Schneider Electric, Siemens, Ericsson, Hitachi and Toshiba, according to a report in MarketsandMarkets.