The global investment in smart cities in 2020 will reach US$111.14 billion, a year-on-year increase of 9.1%, which is lower than the expected growth rate of 18.9% made before the epidemic, according to IDC.
In the long run, the impact of the epidemic will gradually be weak, and the growth of global smart city spending is expected to roughly return to the pre-epidemic level in 2022, with an annual growth rate of 16.1%.
Overall, the total global spending will reach a compound annual growth rate (CAGR) of 13.7% during the five-year forecast period of 2020-2024, according to IDC.
In 2020, the scale of IT-related investment in smart cities in the Chinese market will reach US$24.05 billion, accounting for about 22% of the world's total, second only to the United States at the national level.
The top 3 cities by total spending are Beijing, Shanghai, and Shenzhen.
China's total expenditure on smart city technologies in 2020 will increase by 12.0% year-on-year, and th...
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