The global smart city technology market is expected to grow from approximately $121.1bn in annual revenue in 2023 to $301.2bn by 2032 at a compound annual growth rate of 10.7 per cent.
The report says smart city innovation will be driven by the “intersection of social, environmental, and economic urban challenges” and the impact of transformative technologies.
Digitalisation of city services
The report, Smart Cities, highlights how cities are showing a strong commitment to infrastructure investment, digital technologies, and increased sustainability, often supported by central government funding.
These ambitions will boost future investments across the smart city market and are likely to accelerate the digitalisation of many city services.
“These global challenges are amplifying long-standing local issues around the quality of public services, environmental standards, and social inequalities,” says Eric Woods, research director with Guidehouse Insights. “At the same time technology is transforming how cities work and how they are experienced.”
It contends that new business models and finance programs are also expected to help accelerate investment. Additionally, new partnerships are being established across the public, technology, and finance sectors to support smart city investments and overcome the funding gap that has long been a significant drag on the market, according to the report.
The report examines recent developments in the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. It also explores key market and technology trends, city strategies, key projects, competitor profiles, and regional developments.
Global revenue estimates for smart city technologies, segmented by industry and region, extend through 2032.
Source: smartcitiesworld.net
