Smart cities

• Spending on smart city technology is expected to reach US$ 327 billion by 2025, up from US$ 96 billion in 2019.
• Frost & Sullivan has issued a new report that suggests spending on smart city solutions will grow at a compound annual rate of 22.7% to reach $327 billion by 2025, from $96 billion in 2019.
• Global spending on smart-city technology will climb to 13 trillion yen ($122.7 billion) in 2020, rising to 20 trillion yen in 2023.
• The Global Smart Cities Market is expected to be around US$ 2241.63 Million by 2025 at a CAGR of 23.1% in the given forecast period.
• Spending on smart cities worldwide is expected to reach USD 34.35 billion by 2020.
• The market that grows up around new smart city infrastructure in the next five years will create business opportunities with a value of $2.46 trillion by 2025.
• Global spending on smart city initiatives is expected to surpass $100 billion.
• Smart cities will create significant business opportunities with a market value of US$ 2.46 trillion by 2025.
• The smart cities market is expected to have a 20% growth rate per year, from over $300 bn in 2015 to over $750 bn in 2020.
• The global public safety solution for smart city market is expected to reach USD 299.36 billion by 2023.
• The global Smart Cities markets has been performing robustly over the last decade and is anticipated to grow with a healthy CAGR during the forecast period.
• Smart cities are gaining traction, with worldwide spending on connected city initiatives predicted to reach $124 billion this year; an 18.9% increase from 2019.
• The global smart city market is expected to grow from USD 288,365.65 million 2017 to USD 862,853.35 million by the end of 2024 at a Compound Annual Growth Rate of 16.95%.
• With $135 billion in technologies projected to be spent on cities by 2021, smart cities will evolve from discrete flagship projects to sizable market opportunities which will improve the quality of life for citizens and visitors.
• IDC's latest forecasts show that by 2020, related to a total investment of global smart city market will reach $114.4 billion, an increase of 11.1% over the 2019 year.
• The smart cities market in China is projected to reach $59.9 billion by 2023 from $30.4 billion in 2018 with a compound annual growth rate of 14.5%.
• Most quicker investments into the smart cities will grow in Latin America and Japan.
• A steady increase of smart city development around the world with the total value of the global smart city market projected to exceed US$ 2.5 trillion by 2025.
• Forward leaning cities from Seattle to Singapore to London are expected to spend nearly $124 billion in 2020 on smart city initiatives, an increase of 18.9% from 2019.
• The Global Smart Cities Market was valued at USD 624.81 billion in 2019 and is expected to reach a value of USD 1712.83 billion by 2025 at a CAGR of 18.30% over the forecast period 2020-2025.
• Global Smart Cities Market valued approximately USD 343 billion in 2016 is anticipated to grow with a healthy growth rate of more than 24.4% over the forecast period 2017-2025.
• Smart cities market is expected to reach USD 390.13 billion by 2027 witnessing market growth at a rate of 21.18% in the forecast period of 2020 to 2027.
• Smart cities will not be complete without smart homes so that forecast for the smart home market around the world in 2020 amounts to $40.9 billion.

Last updated: 22 November 2020