Smart cities market predicted to reach £990bn by 2020

Source: Osborne Clarke

Cities around the world are turning to ‘smart’ technology to increase efficiency and improve residents’ quality of life. And with the world undergoing the largest wave of urban growth in history, investment in smart city technology is set to almost triple.

According to a new report from Grand View Research, the global smart cities market will generate revenues of $1.42tn (£990bn) in 2020, representing a compound annual growth rate (CAGR) of 13.6% from $568bn (£395bn) in 2013.

The increasing global population and rapid urbanisation, coupled with continuous industrialisation, are key factors expected to positively affect the market, leading more and more cities to invest in the latest technologies including sensor networks, data analytics, cloud computing and wireless communications.

 

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