Smart City Market Trends and Insights in 30 Countries
A Guide for K-Smart City Expansion into the Global Market
The Korea Trade-Investment Promotion Agency (KOTRA) announced on August 11 that it had published the "Smart City Overseas Expansion Strategy" report on August 8.
This report was produced as part of the Ministry of Land, Infrastructure and Transport's "Smart City Export Support Project." In particular, it primarily reflects the needs of Korean companies. The report is available on the Smart City Comprehensive Portal of the Ministry of Land, Infrastructure and Transport and on KOTRA's Overseas Market News.
As of last year, the global smart city market had reached $877.6 million, demonstrating rapid growth. The market has been expanding at an average annual rate of 29.4%. According to Grand View Research, if this trend continues, the smart city market is expected to reach $3.7578 billion by 2030.
The smart city market is growing for a variety of reasons, including responding to climate change, utilizing resources efficiently, and improving quality of life. Korean companies also need to adopt tailored approaches for each region and country.
In response to these changes, KOTRA has included information in the report on smart city policies, market trends, promising projects, entry strategies and cases, as well as benchmarking cases for 30 countries that are of high interest to Korean smart city companies seeking to expand overseas.
In particular, the report introduces 28 overseas projects in which companies can actually participate, thereby increasing its practical utility. It also includes an explanation of the "BABA" regulation, which requires the use of U.S.-made materials in U.S. federal infrastructure projects, with a focus on strengthening Korean companies' ability to respond.
Kim Myunghee, Vice President and Head of the Innovation Growth Division at KOTRA, said, "In order to enter overseas smart city markets, it is essential to thoroughly analyze the business environment and demand in each country and region and to take a strategic approach." She added, "KOTRA will continue to provide practical overseas market information that is truly helpful to Korean companies."
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