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The future of IoT in the smart city market looks promising with opportunities in the smart governance, smart building and infrastructure, smart utilities, smart health, public safety, and smart transportation applications. IoT in the global smart city market is expected to reach an estimated $353.3 billion by 2026 with a CAGR of 19% from 2020 to 2026. The major drivers for this market are increasing development of smart cities, growing urbanization with increasing adoption of connected and smart technology, and demand for public safety.
Emerging trends, which have a direct impact on the dynamics of IoT in the smart city industry, include growing adoption of Artificial Intelligence in IoT applications.