Smart City Market to Grow to $20.2 Billion by 2020
According to a study by Navigant Research, the global smart city technology market will grow from $6.1 billion in 2012, to $20.2 billion by 2020. This represents a compound annual growth rate of 16.2 percent.
More and more cities are driving the growth to become more energy efficient with new projects, incentives, and innovative product and service offerings. “The market is seeing an increase in innovations from suppliers in terms of the partnerships they are forming with cities and other stakeholders.”
The report covers 170 projects around the world. More than 80 percent of the projects are focused on issues related to energy, transportation, and government. Over 50 percent of the projects have some element focused on transportation and mobility in cities, and almost 45 percent involve some energy-related projects.
Source: Energy Manager Today
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