The smart city market is projected to grow by USD 345.8 billion from 2024 to 2028, reflecting a 24.81% CAGR. Governments play a crucial role in this growth through digital strategies aimed at urban modernization and sustainability. In the APAC region, governments in India and China are advancing large-scale smart city projects, while the ASEAN Smart Cities Network fosters sustainable urban development in Southeast Asia.
In North America and Europe, governments have been at the forefront of smart city innovations. These government-led efforts are vital for the future of smart cities, despite challenges such as high costs and cybersecurity issues.
