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Smart Cities Market worth $1,114.4 billion by 2028 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Feb. 16, 2024 /PRNewswire/ — The integration of technology, attention to sustainability, a citizen-centric strategy, and cooperative ecosystems that promote inclusive urban development are characteristics that will define the Smart Cities Market in the future. The development of resilient and sustainable urban settings for people all over the world is facilitated by key trends such as data-driven decision-making, smart transportation solutions, and global expansion via partnerships.

The Smart Cities Market is expected to reach USD 1,114.4 billion by 2028 from USD 549.1 billion in 2023, at a CAGR of 15.2 % during 2023–2028, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on “Smart Cities Market”

350 – Tables
50 – Figures
300 – Pages

 

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Scope of the Report

Report Metrics

Details

Market size available for years

2017-2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD) Million/Billion

Segments Covered

Focus area, smart transportation, smart building, smart utility, smart citizen service, and region

Region covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

The major players in the Smart Cities Market are Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), AT&T (US), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherlands), AppyWay (UK), Ketos (US), Gaia (India), TaKaDu (Israel), FlamencoTech (India), XENIUS (India), Bright Cities (Brazil), Maydtech (Mexico), Zencity (Israel), Itron (US), and IXDen (Israel).

 

The adoption of smart cities has witnessed a remarkable surge in recent years, driven by advancements in technology, growing urbanization, and increasing recognition of the benefits of smart solutions. Governments, businesses, and citizens increasingly embrace smart city initiatives to address urban challenges, enhance quality of life, and promote sustainability. This surge in adoption reflects a global trend towards more connected, efficient, and resilient urban environments.

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By smart building, commercial type is estimated to account for the largest market share in the Smart Cities Market during the forecast period.

Within commercial settings, factors such as HVAC systems, smart lighting, and monitoring play crucial roles in enhancing employee comfort and productivity. HVAC control systems, for instance, offer precise temperature regulation and contribute to improved indoor air quality, fostering a conducive work environment. Moreover, the automation of building functions, including temperature control, security systems, and maintenance procedures, significantly boost operational efficiency within commercial properties. However, energy performance remains a pressing concern for the commercial sector, given these buildings’ substantial energy consumption and waste generation. Addressing this challenge requires customized solutions tailored to optimize energy efficiency without compromising comfort or security standards. Implementing appropriate measures to reduce energy consumption and minimize waste generation, such as through advanced building management systems and sustainable design practices, is essential for promoting sustainable development within the commercial real estate sector.

By smart transportation solutions, passenger information management is expected to register the fastest growth rate during the forecast period.

The passenger information system is a vital communication channel connecting passengers with transit service operators, ensuring timely and accurate updates for travelers. This system prioritizes real-time information delivery, including details such as the current whereabouts of buses, estimated arrival and departure times, and available seating capacities, ensuring passengers stay informed throughout their journey. It offers passengers dynamic visual and auditory updates as an electronic interface, delivering essential information seamlessly along the route. Whether automatically generated or manually programmed, this system aims to enhance the passenger experience by providing instant access to relevant travel information, facilitating smoother and more efficient transit experiences.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific, home to nearly 40% of the world’s population, is witnessing diverse implementations of smart city technologies. Leading the charge are powerhouse economies like China, Japan, and South Korea, renowned for their technological prowess and significant contributions to the smart city landscape in the region. Additionally, countries such as Singapore, Australia, and India, boasting burgeoning economies, play pivotal roles in shaping the smart city market dynamics in the Asia Pacific region. The Asia Pacific region stands at the forefront of global urbanization trends, with most member nations experiencing rapid urban expansion. This demographic shift underscores the urgent need for innovative urban solutions to address burgeoning infrastructure, resource management, and sustainable development challenges. Significant players in the telecommunications sector, including ZTE, Huawei, and NEC Corporation, have already made substantial investments in telecom infrastructure, laying the groundwork for further advancements in smart city technologies.

Top Key Companies in Smart Cities Market:

The report profiles key players such as Cisco (US), IBM (US), Siemens (Germany), Microsoft (US), Hitachi (Japan), Schneider Electric (France), Huawei (China), Intel (US), NEC (Japan), ABB (Switzerland), Ericsson (Sweden), Oracle (US), Fujitsu (Japan), Honeywell (US), Accenture (Ireland), Vodafone (UK), AWS (US), Thales (France), Signify (Netherlands), Kapsch (Austria), Motorola (US), GE (US), Google (US), TCS (India), AT&T (US), Nokia (Finland), Samsung (South Korea), SAP (Germany), TomTom (Netherlands), AppyWay (UK), Ketos (US), Gaia (India), TaKaDu (Israel), FlamencoTech (India), XENIUS (India), Bright Cities (Brazil), Maydtech (Mexico), Zencity (Israel), Itron (US), and IXDen (Israel).

Recent Developments:

In June 2022, Siemens Smart Infrastructure (SI) signed an agreement to acquire Brightly Software, a leading U.S.-based software-as-a-service (SaaS) asset and maintenance management solutions provider. The acquisition elevates SI to lead in the building and infrastructure software market.In February 2022, IBM acquired Neudesic, a leading Microsoft Azure Consultancy. This acquisition aims to expand IBM’s portfolio of hybrid multi-cloud services and further influence the company’s hybrid cloud and AI strategy.In December 2021, Schneider Electric launched EcoStruxure for eMobility in buildings. It is an end-to-end EV charging solution for efficient, resilient, sustainable electric mobility and net-zero buildings. It provides energy management capabilities to accommodate the increased power demand.

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Smart Cities Market Advantages:

Smart city solutions save costs and promote environmental sustainability by optimising resource utilisation through intelligent infrastructure, waste management programmes, and smart grids.Smart transportation solutions increase mobility and shorten commute times for locals by streamlining traffic, easing congestion, and providing effective public transportation options.By integrating renewable energy, using eco-friendly building techniques, and providing eco-friendly transportation choices, smart city programmes help to encourage sustainable urban growth while lowering carbon emissions and lessening their negative environmental effects.Through company attraction, innovation stimulation, and job creation in sectors including technology, urban planning, and infrastructure development, smart city investments promote economic growth.Through digital platforms, open data efforts, and participatory decision-making procedures, smart city programmes encourage citizen participation and enable locals to take part in the creation and governance of their communities.By giving citizens access to improved public services, healthcare, education, and transportation, smart city technologies raise people’s standard of living and contribute to their general happiness.Through early warning systems, real-time monitoring, and adaptable infrastructure, smart city solutions increase resilience against emergencies and natural disasters, guaranteeing efficient disaster management and response.

Report Objectives

To determine and forecast the global Smart Cities Market based on focus areas: smart transportation, smart buildings, smart utilities, smart citizen services, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Smart Cities Market.Analyze each submarket concerning individual growth trends, prospects, and contributions to the overall Smart Cities Market.To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Smart Cities Market.To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscape.Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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SINBON Expands Focus at EuroBike 2025 with New E-bike Fleet Management and Cargo Mobility Solutions

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FRANKFURT, Germany and TAIPEI, May 15, 2025 /PRNewswire/ —  SINBON Electronics Co., Ltd. (TWSE#:3023), a leading electronics system integrator, is announcing its new fleet management platform and high-powered 750W fat tire e-bike system prototype ahead of EuroBike 2025. Under the theme “You ride it, we connect it”, SINBON will attend the global cycling and ecomobility trade show for the third consecutive year to showcase its cutting-edge innovations in smart mobility and connectivity.

Please join SINBON in Hall 8, Booth J32 at EuroBike 2025 (June 25–29, Frankfurt, Germany).

On display: You ride it, we connect it

At this year’s event, SINBON will focus on four key areas aimed at moving the industry forward:

Connect to Journeys – New Fleet Management SolutionThe solution is a seamless integration of modular software and e-bike hardware, empowering fleet operators with real-time tracking, diagnostics, rental management, and backend systems.Originally designed for a regional e-bike mobility service, this solution also supports traditional bikes and light EVs, and its scalability can match fleet sizes from compact local fleets to broader multi-region operations.The solution offers modular flexibility, with the platform and fleet also available separately based on needs. This allows SINBON to optimize system configuration, enhance data flow, and meet compliance needs while customizing solutions to each business’ specific requirements.Connect to Power – Fat Tire E-bike SystemSINBON is demoing a prototype of its powerful 750W fat tire e-bike system, delivering top performance for off-road adventures and cargo transport across terrains.With SINBON creating the high-powered drivetrain and handling the integration of the bike’s electronic systems, this model demonstrates how the company works closely with bike manufacturers to deliver maximum performance and connected rider experiences.Connect to Cloud – Full-Stack Software SolutionsSINBON offers full-stack software from the factory to the end user, including:User app for personalized settings and tracking ride dataProviding real-time, wireless maintenance, the maintenance app now can perform diagnostics fully wirelessly without a physical dongle bridge, reducing maintenance costs for dealers while improving efficiency and convenience of service.Platform for real-time component verification during bike assemblyInterconnect – Smart Manufacturing & ConnectivitySINBON embraces smart manufacturing by using advanced production models, such as automated production lines, autonomous warehouse robots, and real-time monitoring for streamlined productivity with consistent quality.The company’s system integration expertise interlinks hardware, software, mobile applications, and the cloud to enable advanced IoT features such as GPS tracking for anti-theft and ride history, real-time data transmission via cellular networks, and over-the-air (OTA) system updates.

A strong presence in Europe

As a leading provider of electronic system integration, SINBON supports its growing European customer base through its manufacturing facility and logistics hub in Tatabánya, Hungary (3,800 m²). The company also maintains a direct sales presence in the UK and Germany, with additional coverage provided by local representatives and distributors across Europe.

Visit SINBON at Hall 8, Booth J32 at EuroBike to see these breakthroughs in action!

About SINBON Electronics

Established in 1989 in Taiwan, SINBON Electronics is a leading provider of integrated design and production services for bespoke interconnect solutions. Driven by a commitment to customer centricity and the principles of ESG, the company offers a wide range of products and OEM/ODM services that ensure reliability and efficiency, combining extensive engineering expertise, industry knowledge, and leading innovations to customize solutions for long-term customer success. SINBON has a global footprint, with operations in Taiwan, China, Japan, the United Kingdom, Germany, Hungary, and the United States.

For more information: https://www.sinbon.com/e-bike

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Mastercard Economics Institute on Travel in 2025: Asia-Pacific leads trending summer destinations for second year running

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Tokyo and Osaka top the list of summer hot spots while Nha Trang makes its debutCurrency fluctuations are a key consideration for travelers

SINGAPORE, May 15, 2025 /PRNewswire/ — Asia-Pacific is home to eight of the world’s top 15 trending summer travel destinations, according to Travel trends 2025, the annual Mastercard Economics Institute (MEI) report on consumer spending in the travel economy. While exchange rates and geopolitical dynamics can influence behavior, the report highlights that passions and purpose-driven motivations remain strong drivers shaping the travel industry. Drawing on a unique analysis of aggregated and anonymized transaction data and third-party data sources, the report uncovers what is shaping travel choices today. Highlights from the Asia-Pacific region include:  

Japan leads the pack—with Vietnam’s Nha Trang rising fast:

Tokyo and Osaka are the world’s #1 and #2 top trending destinations for summer travel (June-September 2025), with the two largest increases in tourism demand relative to previous levels[1].

In 2024, Japan’s capital city climbed from the number two spot that it held in 2023 to lead global travel demand heading into the peak summer season, reflecting its continued appeal. Meanwhile, Nha Trang in Vietnam made a surprise entry into the list, climbing in popularity thanks to its beautiful beaches, enviable coastline and vibrant nightlife.  

China and India—still Asia’s travel titans: The Chinese Mainland retained its position as the world’s largest outbound travel market in 2024. Chinese travelers are increasingly prioritizing value and visa-friendly destinations including Japan, Malaysia, and Singapore. Interest in Central Asian destinations such as Kazakhstan, Uzbekistan, and Kyrgyzstan is also increasing.

India again posted the country’s highest number of outbound travelers on record in 2024. Indian tourists are exploring a broad mix of destinations—the top three being Abu Dhabi, Hanoi, and Bali—with growth supported by expanded direct flight connections and a rapidly growing middle class that is eager to travel. Together, the two markets continue to play an outsized role in shaping global travel flows.

Experiences over itineraries: Across Asia-Pacific, travelers are prioritizing dining, nature, and wellness as key motivators for travel, seeking meaningful moments over traditional sightseeing. Destinations like Gianyar in Bali, Indonesia, known for its iconic Babi Guling spit-roasted pork, and Queenstown in New Zealand—where restaurants welcomed tourists from 44 countries in 2024—are standing out as globalized culinary hotspots. According to MEI’s Wellness Trend Index[2] (WTI), Thailand is among the destinations leading the way in relaxation experiences and self-care, where visitors can reconnect with nature in immersive eco lodges or find calm in meditation retreats. At the same time, the rising WTI score for New Zealand suggests a growing effort to be part of this popular movement. Overall, the trend toward purpose-driven travel reflects people’s broader desire for experiences that nourish both body and spirit.

Sports fandom fuels travel: The rise of sports tourism continues, with major events like the Australian Open tennis tournament and Baseball World Series in Los Angeles drawing significant international spend. Shohei Ohtani’s World Series debut saw spending by Japanese visitors surge by 91%, six times the broader cross-border boost, highlighting how sporting events are proving to be powerful travel catalysts for fans.

David Mann, chief economist, Asia Pacific, Mastercard, said: “The Asia-Pacific region continues to set the pace for global travel, with buzzing destinations like Tokyo, Shanghai, Seoul, and Singapore capturing the imagination of travelers around the world. Even as economic uncertainty persists, travel remains a bright spot—driven by people seeking meaningful, value-driven experiences. From exchange rates to regional accessibility, travelers are making smarter, more intentional choices about where they go and why, with a clear shift toward more personal, purposeful journeys.”

Travelers from Asia-Pacific tend to be more sensitive to exchange rate shifts. A weaker yen throughout much of 2024 played a significant role in boosting Japan’s inbound tourism, making the country a compelling destination for visitors in search of value. Notably, a 1% depreciation of the JPY against the RMB is associated with a 1.5% increase in tourists from the Chinese Mainland. However, visitors from New Zealand and the U.S. rose only around 0.2% in response to the same degree of depreciation relative to their currencies. In 2024, the number of Singaporean visitors to Japan hit record highs — thanks to a 40% rise in the Singapore Dollar (SGD) vs. Japanese Yen (JPY), even as airfare and hotels got pricier.

Turning to the U.S., MEI’s analysis shows that tourists from India, Singapore, South Korea, and Taiwan are particularly sensitive to exchange rate fluctuations, after accounting for other factors. Specifically, a 1% depreciation of the United States Dollar (USD) against their local currencies corresponds to an approximate 0.6–0.8% increase in the number of tourists traveling to the U.S. These findings, consistent with our earlier analysis of tourism to Japan, suggest that these travelers are more responsive to exchange rate movements when selecting outbound destinations.

The shifting sands of business travel: Corporates today are limiting global travel in favor of regional trips. And while people are taking fewer business trips overall, the average duration is longer, suggesting efforts to stretch travel budgets. For example, U.S.-based travelers’ trips to Asia-Pacific increased from 8.8 days[3] to 10.2 days[4]. 

Travel fraud demands a safer, smarter travel ecosystem. According to MEI, fraud in popular tourist destinations spikes up to 28% during peak seasons. Common scams include inflated charges in restaurants and taxis, fake tour companies, and fraudulent property listings. To combat these, Mastercard employs advanced fraud prevention technologies, including digital wallets and AI-driven systems, to protect travelers. This ensures that travelers can focus on their journeys without worrying about security threats.

“This report is designed to offer a clearer view of how consumer behaviors are evolving—and what that means for tourism growth,” added Mann. “By turning data into actionable insights, the Mastercard Economics Institute aims to support the travel ecosystem in making smarter decisions that drive stronger tourism strategies, better traveler experiences, and more resilient economic outcomes.”

View the “Travel Trends 2025: Purpose-driven journeys” report here and other insights from MEI, here.

About the Mastercard Economics Institute

The Mastercard Economics Institute provides insights into global and local economic trends using advanced analytics and Mastercard’s proprietary data assets. Established in 2020, MEI supports businesses, governments, and policymakers with economic monitoring services and timely analysis on economic themes including consumer spending, retail and travel trends, and other local and global barometers of economic performance. MEI offers valuable perspectives to inform decision-making and promote sustainable growth worldwide through our thought leadership series, and through Mastercard’s specialized product offerings

About Mastercard

Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
www.mastercard.com 

[1] OAG flight booking data for travel bookings Jan-Mar 2025

[2] WTI is calculated using the share of cross-border accommodation spending at wellness-related merchants, multiplied by each country’s share of global wellness-related accommodation transaction

[3] Feb 2019-Feb 2020

[4] Mar 2024-Mar 2025

 

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Clarivate Report Reveals Top Trademark Portfolios

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Procter & Gamble, Nestlé, Apple, L’Oréal, Novartis, LG Electronics and Unilever among the largest portfolio owners in most registers

LONDON, May 15, 2025 /PRNewswire/ — Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, today released the Trademark filing trends 2025 report, analyzing ten key trademark registers worldwide: the United States (U.S.), Canada, the United Kingdom (U.K.), the European Union (EU), France, Germany, India, Mainland China, Japan, and Australia. The report reveals the top 20 largest local and foreign-based trademark portfolios in each region and the law firms managing the largest trademark portfolios.

Based on data from SAEGIS, a CompuMark trademark database containing over 150 million records, the report shows Mainland China continues to lead in global trademark filings with 6.76 million applications in 2024, despite a steady three-year decline in activity. The U.S. claims second place with 566,938 applications. India is rapidly closing in on the U.S. with over 537,000 applications in 2024 and an average yearly growth of 10% over the last decade.

Gordon Samson, President, Intellectual Property, Clarivate, said: “In an increasingly volatile market for new and existing brands, trademark attorneys need to be acutely aware of macro-trends in local jurisdictions and the subtle economic interplay between states and major hubs of trademark activity. By integrating the insights outlined in the report into trademark and business strategies, brands and their representatives can develop a more informed approach to managing their IP. This not only helps in mitigating risks associated with trademark infringement but also enhances the ability to capitalize on emerging opportunities.”

Other key findings from the 2024 trademark filing data include:

Seven brands consistently ranked in the top 20 largest portfolio lists. Procter & Gamble, Nestlé, Apple, L’Oréal, Novartis, LG Electronics and Unilever were each among the largest portfolio owners in at least seven of the ten registers analyzed.Three jurisdictions face three years of consistent decline. France, Mainland China and Japan experienced a steady decrease in trademark filing activity in 2022, 2023 and 2024. All three jurisdictions ended 2024 with the lowest filing volume since 2017.Mainland China continues to dominate global trademark filings, underscoring its economic growth and expanding global brand presence.Australia recovers to 2021 trademark filing volume, primarily due to a 24% increase in trademark applications by foreign based brand owners in 2024.

To learn more, please visit our Trademark filing trends 2025 site.

About Clarivate
Clarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com 

Media contact:
Sofia Nogués, Sr. External Communications Manager
newsroom@clarivate.com 

 

SOURCE Clarivate Plc

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