New IDC Spending Guide Forecasts $124 Billion Will Be Spent on Smart Cities Initiatives in 2020

A new forecast from the International Data Corporation (IDC) Worldwide Smart Cities Spending Guideshows global spending on smart cities initiatives will total nearly $124 billion this year, an increase of 18.9% over 2019. The top 100 cities investing in smart initiatives in 2019 represented around 29% of global spending, and while growth will be sustained among the top spenders in the short term, the market is quite dispersed across midsize and small cities investing in relatively small projects.