Smart Cities

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.
Smart infrastructure: Large-scale creation of smart buildings and use of smart sensors could save roughly $940 billion by 2030.
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%.
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.
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 $40.9 billion.
Global Smart Cities Market valued approximately USD 343 billion in 2016 is anticipated to grow with a healthy growth rate of more than 24.4% over the forecast period 2017-2025.
The global Smart Infrastructure market, which includes the Digital Twin sector, is expected to thrive at a considerable CAGR between 2020 and 2025 as demand for the Smart Infrastructure has been a booming year on year, reports Market Research Explore.
With two-thirds of the world's population expected to be living in urban areas by 2050, smart cities will become essential to allocating the necessary resources for populations.
Latin America and Japan will see fastest growth in smart cities spending in 2020.
The Smart Home and Smart City market was valued at 12500 Milion US$ in 2019 and is projected to reach US$ 17700 Million by 2025, at a CAGR of 3.9% during the forecast period.
The global Smart Infrastructure market is expected to thrive at a considerable CAGR between 2020 and 2025 as demand for the Smart Infrastructure has been a booming year on year.
The global smart cities market is anticipated to reach USD 2,276.03 Bn by 2023 and grow at a CAGR of 28.7% during the forecast period of 2018-2023.
A recent forecast from the IDC projects that the global spending on smart city initiatives will reach $189.5 billion in 2023.
By 2025, 5G commercial IoT connections in automotive, augmented and virtual reality, smart cities, smart homes, and digital health wearables will amount to more than $8 billion in billed operator revenue.
The UK has found out that the global market for smart cities will reach $400 billion per year by 2020.
Global Smart Cities Market was valued US$ 302.0 Bn in 2019 and is expected to reach US$ 1,520 Bn by 2027 at a CAGR of 23.3%.
The global smart city market will be valued at US$ 1.565 trillion in 2020, and more than 26 global cities are expected to be smart by 2025.
10 per cent of new ship building is expected to be smart ships, and maritime in-service units are expected to double in 15 years.
The global Smart Cities market was valued at US$ 824,774.8 Mn in 2017 and is expected to expand at a CAGR of 21.5% from 2018 to 2024, reaching US$ 3,180,358.5 Mn by the end of the forecast period.
Growing investments in Net Zero Energy Buildings, smart and energy performant homes and cities are driving a global market that could generate revenues of more than $6.70 billion by 2024.
Increased urbanization which is already causing infrastructure problems, will drive the creation of smart cities.

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Last updated: 02 August 2020