Cumulative 2021-2030 Revenue for the Global Smart City Technology Market Is Expected to Exceed $1.6 Trillion
Smart cities continue provide significant opportunities for technology and service providers that can demonstrate support for sustainable and equitable city recovery programs
A new report from Guidehouse Insights examines recent developments in the global smart city market, with a focus on global revenue forecasts for smart city technologies, segmented by industry and region, through 2030.
The coronavirus pandemic has amplified many urban challenges and created new ones, particularly around health, mobility, education, and economic development issues. Some smart city investments have been delayed, redirected, or cancelled. However, city recovery programs are already showing a strong commitment to infrastructure investment, digital technologies, and increased sustainability. According to a new report from Guidehouse Insights, the global annual smart city technology market is expected to grow from approximately $101 billion in 2021 to $240 billion by 2030 at a compound annual growth rate of 10.2%.
“City governments are looking to rebuild better to ensure resilience to future pandemic events, accelerate the shift to zero carbon, and address the social inequalities in many cities,” says Eric Woods, research director with Guidehouse Insights. “Smart city solutions that support these ambitions are expected to thrive even during a tough period for local government finances.”
City leaders are advocating a focus on digital and clean technologies to make cities more resilient, sustainable, and equitable. The focus on climate change mitigation and adaptation in many national recovery funding programs is likely to boost city investment in clean energy programs and supporting infrastructure (including low carbon transportation and energy efficient buildings). Data platforms and data analytics are also expected to be a focus area. As cities look to reduce spending on legacy infrastructure and applications, the move to cloud-based infrastructure and application services is expected to further accelerate.
The report, Market Data: Smart Cities, examines recent developments in the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. The study examines key market and technology trends, city strategies, key projects, competitor profiles, and regional developments. Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Market Data: Smart Cities, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.