Smart cities

• [New] Yes, multipurpose and smart materials are important now and IDTechEx forecasts that radically new smart city technology may rise to around $1.7 trillion yearly in 20 years.
• PricewaterhouseCoopers forecast a steady increase in smart city development around the world over the next few years.
• Global spending on smart city technologies is expected to see a 22.7% increase by 2025.
• Global spending on smart cities initiatives is projected to hit a staggering $189.5 billion in 2023.
• Smart cities will create significant business opportunities with a market value of $2.46 trillion by 2025, globally.
• Research by IDC conducted pre-pandemic forecast that $189.5 billion (about £144 billion) will be spent worldwide on smart cities initiatives by the year 2023.
• Global spending on smart city projects is expected to more than double in the next five years.
• Smart cities alone represent a massive business - and social - opportunity, as governments could invest nearly $900 billion in smart city solutions annually by 2023.
• Spending on smart city technology is expected to reach US$ 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.

Last updated: 10 January 2021