Singapore: smart cities market revenue 2018-2028

In 2022, the revenue of smart cities industry in Singapore amounted to around 0.48 billion U.S. dollars, an increase compared to the previous year. Statista Digital Market Insight estimated that the revenue for the smart city industry in the country will continue to increase and reach 0.94 billion U.S. dollars by 2028.

Revenue of the smart cities market in Singapore from 2018 to 2028 (in billion U.S. dollars)

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Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

Smart Cities term refers to usage of Internet of Things (IoT) technologies in order to improve the quality of life for its citizens, enhance sustainability, and optimize urban services. In a smart city, various devices and sensors are installed throughout the urban landscape to create the intelligent transportation systems, smart grids and public safety systems.

Additional information:

The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. The market consists of revenue generated through selling of hardware (such as sensors, chips and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (equipment & system integration and maintenance). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Some of the key players include Alphabet, Huawei and Cisco.

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