Transportation and energy upgrades are expected to be the big drivers of smart city spending over the next decade.
Why it matters: Global spending on smart city projects will reach nearly $124 billion this year, an 18% increase over 2019, according to IDC, a market research firm.
The big picture: Singapore, Tokyo, New York and London are expected to be the biggest spenders (~$1 billion each) on smart city projects this year.
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