Sustained, rapid growth for smart cities market

In 2010, the total global market for smart cities was thought to be about $100 billion annually. These predictions were stunningly accurate. According to analysts at Frost & Sullivan, who have tracked spending annually since then, in 2019 the sector logged $96 billion in sales. And in fact, rather than maturing, the smart cities market is in a period of sustained rapid growth. The analysts forecast 20-25 percent annual growth through 2025, when the market will reach more than $300 billion annually.

This points towards sustained growth for urban tech in the years ahead. What's more, this forecast assumes that 70 percent of growth will take place in the US, Western Europe, and China. If, as many expect, spending accelerates in other regions, the smart city market could swell even further.