Business View Civil and Municipal | Volume 2, Issue 7

5 CIVIL AND MUNICIPAL VOLUME 2, ISSUE 7 O p e n i n g L i n e s GLOBAL SMART CITIES MARKET (2021 TO 2026) Industry Trends, Share, Size, Growth, Opportunities and Forecasts - ResearchAndMarkets.com T he global smart cities market exhibited strong growth during 2015-2020. Looking forward, the global smart cities market is expected to grow at a CAGR of around 20% during the forecast period (2021-2026). A smart city refers to a framework that utilizes information and communication technology (ICT) to deploy, develop and promote sustainable development in urban areas. It also helps in sharing information with the public, improving operational efficiency and increasing the quality of citizen welfare. A smart city relies on both hardware components, such as chips, sensors and actuators, and software solutions like user interfaces (UIs), communication networks and the Internet of Things (IoT) devices to promote mixed-land use for unplanned areas, which offers a wide range of facilities at one location and aids in the optimum utilization of the available space. The data collected from these solutions is analyzed to monitor power plants, water supply, detect crime, manage waste and offer various other municipality services. According to the ‘World Population Prospects 2019’ report prepared by the Population Division of the Department of Economic and Social Affairs of the United Nations (UN) Secretariat, the world’s population is anticipated to increase