Many of the short-term fixes and even long-term cures envisaged for the illness of urban and wider society so vividly and exposed by the COVID-19 pandemic lie, at least in part and sometimes almost completely with ICT. With 50% of the world’s population living in cities and 70% projected by 2050, it is now more important than ever to tackle these challenges, says GlobalData, a leading data and analytics company.
GlobalData forecasts the market for smart cities to grow from US$458bn in 2019 to US$624bn by 2024, growing at a compound annual growth rate (CAGR) of 6.4%, with the biggest growth coming from transportation, infrastructure, and grids.