GITNUX MARKETDATA REPORT 2024

Must-Know Smart City Industry Statistics [Current Data]

Highlights: The Most Important Smart City Industry Statistics

  • Internet of Things (IoT) devices will surge from a total of 1.7 million in 2020 to 3.6 million in 2023 in smart cities.
  • In 2020, about 50% of the smart city budget was spent on physical infrastructure.
  • Asia Pacific will likely hold the highest market share of smart city developments, forecasted to reach 38% in 2025.
  • Singapore is considered the smartest city worldwide.
  • currently, 66% of cities around the world have invested in smart city technology.
  • Smart lighting will achieve up to 80% energy efficiency increase.
  • In 2019, approximately 23.14 billion connected devices were installed in smart cities.
  • Spain is leading the EU in terms of the number of smart cities it has (84).
  • Transportation accounts for an estimated 30% of total investments in smart cities.
  • By 2023, spending on smart city initiatives will reach $189.5 billion.
  • 81% of IoT projects in the field of smart cities concentrate on smart government and smart energy, utilities.
  • Environmental monitoring is anticipated to be a $3.3 billion market by 2028 in the smart city industry.
  • The use of AI for public safety and security in smart cities is predicted to grow to $337.2 billion by 2026.
  • In 2020, the smart city industry in India was expected to grow at a CAGR of 18.5% during 2020-2026.
  • The European smart city market size is anticipated to reach $717.2 billion by 2023.
  • On a global level, 26% of the IoT’s overall economic impact will be on cities – mostly within the smart city industry
  • The smart buildings market is expected to reach $105.8 billion by 2024.
  • The data created by smart cities will be over 2.5 quintillion bytes per day by 2025.

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The emerging concept of smart cities has taken the world by storm, redefining our understanding of urban life by integrating technology, planning, and citizen participation. The Smart City Industry is poised at the frontier of the Fourth Industrial Revolution, not merely adapting to digital transformation, but driving it.

The following post delves into the world of the Smart City Industry by presenting a comprehensive overview of the latest statistics. Uncover insights into digital infrastructure, IoT deployment, sustainability indices, and advancements that are molding the cities of tomorrow today. Join us as we explore the fascinating landscape of this paradigm-altering industry.

The Latest Smart City Industry Statistics Unveiled

The global smart city market is projected to reach $820.7 billion by 2025, growing at a compound annual growth rate (CAGR) of 14.8% from 2020 to 2025.

Painting a financial landscape of the not-so-distant future, the projected valuation of the global smart city market at $820.7 billion by 2025, with an impressive CAGR of 14.8% from 2020 to 2025, serves as a financial beacon guiding stakeholders in the Smart City Industry. This numerical narrative not only underscores the prevailing trends of urban innovation, but it also provides a lucrative forecast for investors, policymakers and tech enthusiasts alike.

As we embark on the journey into the heart of this blog post about Smart City Industry Statistics, this pivotal statistic acts as our compass, illuminating the potential yield this booming sector may bestow on an economic, environmental, and social scale.

Internet of Things (IoT) devices will surge from a total of 1.7 million in 2020 to 3.6 million in 2023 in smart cities.

This engaging trend underscores a pivotal shift expected within the Smart City industry. The prolific increase from 1.7 million IoT devices in 2020 to an anticipated 3.6 million by 2023 echoes the escalating prominence of technology in creating more efficient, sustainable, and livable urban environments.

Such a significant acceleration serves as a reminder of the crucial role IoT devices play as they form the backbone of smart city infrastructure, supporting services and applications from traffic management to energy conservation. Furthermore, it underscores an unfolding technological revolution, pointing to both burgeoning opportunities for industry stakeholders and crucial challenges, such as data security and privacy, that need to be addressed promptly.

In 2020, about 50% of the smart city budget was spent on physical infrastructure.

Let’s enter the labyrinth of the Smart City Industry where this intriguing statistic throws light on such captivating revelations. Drawing around half of the smart city budget to physical infrastructure in 2020 portrays a strong commitment to laying a robust foundation for tech-driven cities of the future. Significantly, it unveils the emphasis that the industry puts on elements like fiber-optic networks, smart grids, transportation, and construction that pave the road to a city’s technological backbone.

It resonates with a critical realization – to build a smart city, upgrades and investments in physical infrastructure remain a deciding variable. Further, it could be elucidating for industry stakeholders to comprehend the allocation and prioritization of funds within the industry, unlocking potential pathways to a smarter tomorrow.

Asia Pacific will likely hold the highest market share of smart city developments, forecasted to reach 38% in 2025.

In the bustling realm of smart city industry statistics, the escalating dominance of the Asia Pacific region sketches an intriguing narrative. The forecast suggesting that Asia Pacific is poised to seize a strapping 38% of smart city developments market share by 2025 exposes a significant shift in the global development blueprint.

It underscores the strategic investments, technical prowess, and transformative initiatives undertaken by this region, lending a far-reaching impact on future urban landscapes. As we dissect the anatomy of smart cities, this prediction layers our understanding with implications on prevalent business opportunities and investment hotspots, further shrouding our dialogues on global urban development trends with an irresistible air of anticipation.

Singapore is considered the smartest city worldwide.

Highlighting Singapore as the world’s smartest city serves as a testament to the maturity and success of the smart city industry. It indicates the vast potential and promising future for cities embarking on digital transformation journeys. The leaders, innovators, and stakeholders in the smart city industry can view this statistic as the benchmark of excellence, guiding their strategic planning and execution.

Singapore’s exalted position can also spark competitive spirit, fostering further innovation and growth in the industry. This statistic is a vivid illustration of what smart city solutions can achieve and it reinforces the crucial role of digital technologies in enhancing urban life.

currently, 66% of cities around the world have invested in smart city technology.

Unveiling the curtain on the current landscape of the Smart City industry across the globe, this significant figure provides an undeniable testament to the growing savviness of cities. Embracing the allure of smart city technology, a notable 66% of cities worldwide are immersing themselves into this tech-infused revolution. It vividly paints the picture of cities morphing into smart ecosystems, integrating technology into the very fabric of lifestyle, community, and governance.

This denotes the brisk pace at which digital transformation is reshaping urban life as we know it and the commitment to fostering sustainable, efficient, and technologically-advanced urban spaces. It, therefore, serves as an essential point of reference for anyone seeking to comprehend the scale at which the Smart City industry is growing and its prevalence in our daily life, making it a key focus in our blog discussion on Smart City industry statistics.

Smart lighting will achieve up to 80% energy efficiency increase.

Imagine a city that glows with a myriad of lights once darkness falls; now picture that same illumination but with up to 80% less energy consumption. This compelling statistic on smart lighting demonstrates its potential as a game changer in the smart city industry.

In an era where the urgency for environmental sustainability is more pronounced than ever, such an improvement in energy efficiency is not just impressive, but crucial. It highlights the transformative power of smart technology in urban landscapes, providing the dual benefits of reduced energy-related expenses and significant climate change mitigation.

Moreover, as smart city development accelerates globally, this statistic serves as a compelling argument for stakeholders and decision-makers to invest in smart lighting solutions, potentially pioneering further innovation in this field. Overall, it paints a promising future for a more sustainable, efficient, and smart urban life.

In 2019, approximately 23.14 billion connected devices were installed in smart cities.

This impressive figure of approximately 23.14 billion connected devices present in smart cities in 2019 paints a gigantic tableau of the evolving digital world. It is a significant signpost pointing towards the massive surge in the adoption of IoT (Internet of Things) for improving urban areas, and serves as testament to the unfolding digital transformation in smart cities. This quantum leap not only underscores the rapid advancements in smart city technologies, but also hints at a future where digital interconnectedness will be at the beating heart of urban living.

Emphasizing these statistics in the world of smart city industry gives the readers a clear perspective of the expanding horizon of this industry and its potential to reshape the future. Bright-eyed investors, individuals longing for an advanced lifestyle, and tech companies can all use this data to devise their future roadmap. After all, these numbers are not just statistics, rather they are the silent harbingers of the future that speak louder than words.

Spain is leading the EU in terms of the number of smart cities it has (84).

Highlighting that Spain sits atop the leaderboard of the EU with a commendable total of 84 smart cities, contributes a fascinating angle to the exploration of Smart City Industry Statistics. This numerical testament to Spain’s infrastructure acumen positions it as a trendsetter and case study for rapid adoption of smart technologies.

The figure underlines the scale and velocity at which Spain has adopted and implemented smart city initiatives – a testament to the nation’s progressive technological strategies, advocating cutting-edge urban developments. Therefore, Spain’s leading number provides an intriguing baseline for comparisons and may stimulate discussions about best practices, challenges, and the future evolution of smart cities across the globe.

Transportation accounts for an estimated 30% of total investments in smart cities.

Delving into the intricate web of Smart City Industry Statistics, the fact that an estimated 30% of total investments are funneled into transportation creates a key focal point. It illuminates the monumental role transportation plays in the overall smart city blueprint. This substantial allocation of resources towards transportation services manifests the sector’s significant impact in enhancing the efficiency, sustainability, and livability of smart cities.

It underlines a proactive endeavor to integrate advanced technologies in reshaping existing transportation infrastructure, ensuring fluid mobility, reducing traffic congestion, and optimizing energy use. Notably, it’s a strategic implication of where players, policymakers, and investors in this field could channel their efforts to unlock massive opportunities and bring smart cities’ vision to life.

By 2023, spending on smart city initiatives will reach $189.5 billion.

On the threshold of an urban revolution powered by digital innovation, the projected figure of $189.5 billion expenditure on smart city initiatives by 2023 illuminates the fiscal compass navigating us towards a more connected, efficient future. It underscores the seismic shift of investments flowing into this sector, demonstrating robust faith in the potential of smart city solutions.

This marker serves as a testament to the financial gravity, growth trajectory, and the transformative power of smart cities on a global scale. Furthermore, it emphasizes the juggernaut of change that the smart city industry is becoming, rapidly evolving urban landscapes through technology.

81% of IoT projects in the field of smart cities concentrate on smart government and smart energy, utilities.

Crafting this insight from a novel perspective, one could observe that within the pulsating world of the Smart City Industry, the majority’s pulse, or 81%, is beating in time with the drum of smart government and energy utilities. This compelling narrative emphatically underscores the primary focus areas within this high-tech realm. At its core, it reveals an undeniable concentration on enhancing public administration efficiency and environmentally conscious living—potentially transforming the blueprint for urban living.

Environmental monitoring is anticipated to be a $3.3 billion market by 2028 in the smart city industry.

Spotlighting the projection of Environmental monitoring hitting the $3.3 billion mark by 2028 sends an unmistakable message about the expansion of the smart city industry. It showcases the escalating emphasis on sustainability and the increasing fusion of technology and ecology within city infrastructure planning. This key statistic serves as a lucid financial indicator of the burgeoning potential in the sector, igniting the interest of investors, technologists, and policymakers.

Furthermore, it underscores the significance of environmental considerations in the future of smart city initiatives, indicating that harnessing technology for greener urban living is not just an ideal, but a considerable commercial opportunity moving towards the next decade.

The use of AI for public safety and security in smart cities is predicted to grow to $337.2 billion by 2026.

In the constantly evolving landscape of Smart City Industry, this astounding prediction of AI usage growth elevates not just eyebrows, but also expectations. Set to skyrocket to $337.2 billion by 2026, the integration of AI for public safety and security in smart cities indicates a promising trajectory that’s creating a seismic shift in urban development and governance. This potential boom enriches the blog post by showcasing the prominent role of AI in future cityscapes.

Furthermore, it underscores an important trend: the fusion of technology and public safety. In particular, this massive growth underlines a transformative chapter for smart cities worldwide, where AI-powered solutions become the cornerstone of safety and security systems. As such, it beautifully encapsulates the spirit of innovation set to redefine our urban living experience, making it a compelling statistic to dwell upon in context of the Smart City Industry.

In 2020, the smart city industry in India was expected to grow at a CAGR of 18.5% during 2020-2026.

Interpreting the projected CAGR of 18.5% for India’s smart city sector from 2020 to 2026 sheds light on the industry’s dramatic evolution. This steady upward trajectory conveys the gravity of the technological transformation India is undergoing. It signals not only a booming smart city sector but also implies tremendous opportunities for businesses, investors, and employment.

Within the context of a blog post about the smart city industry statistics, such foresight into the future growth pattern provides readers valuable insight into the potential and pace of this industry, making it a riveting topic to delve into.

The European smart city market size is anticipated to reach $717.2 billion by 2023.

Visualize the smart city sprawling up and constructing its digital skeleton. The projection that the European smart city market size is set to soar to a dizzying $717.2 billion by 2023, illuminates the grand scale of this impending technological revolution. This astronomical figure reaffirms the relentless momentum and lucrative potential of the industry, painting a vibrant picture of untapped markets ripe for those with a futuristic vision. As narrators of the smart city story, we are stood at a precipice of change, gazing into a vista of opportunity, with these statistics as our compass.

This single figure, encapsulates not only the impressive current pace of innovation, but forecasts the exponential growth just beyond the horizon. Therefore, in the realm of Smart City Industry Statistics, this prediction can serve as a lighthouse for investors, innovator, and visionaries venturing into the technological metropolis of tomorrow.

On a global level, 26% of the IoT’s overall economic impact will be on cities – mostly within the smart city industry

Delving into the intriguing realm of Smart City Industry statistics, one can’t bypass the captivating fact that a significant 26% of the global economic impact of the Internet of Things (IoT) will be borne by cities. We’re talking about more than just a quarter of the entire pie here, an indicator of the massive scale at which smart city initiatives are being adopted globally.

This statistic provides a glimpse into the future, a future where urban areas are transformed by the proliferation of smart technology. It lays bare the magnitude of financial investments in IoT in cities. It underscores how pivotal the Smart City industry is in the grand scheme of global economic dynamics and how instrumental it would be in shaping innovative, sustainable and efficient urban landscapes.

One can’t ignore the echoes of this figure in every discussion about urban development and digitization. It’s a testament of IoT’s growing relevance and the predicted surge in the smart city sector, painting a picture of a world where cities are optimized for productivity, sustainability, and quality of life. Ultimately, this statistic reflects urban landscapes’ growing dependency on IoT and the promise of an intriguing future, making every projection about the Smart City industry incomplete without its mention.

The smart buildings market is expected to reach $105.8 billion by 2024.

A surge to an impressive $105.8 billion in the smart buildings market, anticipated by 2024, signals a massive shift in the urban landscapes of tomorrow. This pivotal statistic, weaving a tale of rapid technological assimilation, supports the narrative of a future where cities and tech harmoniously merge.

Furthermore, this flourish in the smart buildings market is indicative of the investment, innovation, and integrated technology that will form the backbone of the smart city architecture. It’s not just about immense economic growth, but about the way it shapes the narratives of societal, economic, and environmental progress in the context of smart city industry.

The data created by smart cities will be over 2.5 quintillion bytes per day by 2025.

Imagine the extraordinary surge of data that seeps out of our smart cities daily, akin to a colossal wave rushing towards the shore. By 2025, this wave is predicted to balloon, producing over 2.5 quintillion bytes of data every day. Picture this scene in the context of smart city industry statistics. This formidable deluge of information not only underscores the profound growth of digital infrastructures in urban landscapes but also underlines the potential of data to forge intelligent, sustainable, and responsive cities of tomorrow.

It is an evidentiary foretoken of the potential held by data-driven solutions in improving urban life. Each byte could be a vehicle travelling, an energy unit consumed, waste produced, or a crime prevented. The aggregation and analysis of this data pave the path for enhanced management of city resources, improved urban planning, environmental conservation, efficient public utilities and services, and crime reduction, among other benefits.

In other words, this staggering forecast signals the rapid transformation sprouting within our urban horizons, a transformation ignited by the synergistic infusion of technology, data and creative urban management. It bears testament to the emerging era of smart cities that rely on intricate digital infrastructure and sprawling data networks to architect livable, efficient and dynamic urban spaces.

Above all, it rings a clarion call to all stakeholders in the smart city industry – city authorities, policymakers, technology firms, urban planners, and citizens – to prepare for, harness and navigate this data deluge for creating smarter, more efficient cities of the future.

Conclusion

In summary, the Smart City Industry is no longer just a futuristic idea, but a reality that is promising unprecedented opportunities for urban development and economic growth globally. The statistics we’ve discussed clearly illustrate how this industry is experiencing explosive growth, pointing to an integration of AI, IoT, and other advanced technologies into our daily lives.

Although challenges such as data privacy and security still exist, the benefits that smart cities offer, from efficient resources management to improved public services and quality of life, far outweigh these hurdles. As technology continues to permeate every layer of our society, the evolution towards smarter, more connected cities appears inevitable. Hence, harnessing the power of smart city solutions becomes essential for future progress.

References

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FAQs

What is a Smart City?

A Smart City is a city that uses digital technology and data-driven infrastructure to improve the quality of life for its citizens, manage resources efficiently, and create a more sustainable urban environment. This is achieved through the use of advanced technologies such as Internet of Things (IoT) devices, big data analytics, and artificial intelligence.

How does a Smart City benefit its residents?

Smart Cities improve the quality of urban life in various ways, including efficient public services, enhanced security, energy efficiency, better traffic management, improved waste management, and higher levels of accessibility. They can also provide new opportunities for economic development.

What is the forecasted growth of the Smart City industry?

The global Smart City market is expected to grow significantly in the coming years. According to a report from MarketsandMarkets, the Smart Cities market is projected to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.

What challenges does the Smart City industry face?

Some of the key challenges include data security and privacy issues, high initial investment costs, lack of standardization across various city systems, and the need for technological infrastructure that can handle large data volumes and provide real-time responses.

What are some examples of Smart Cities?

Some existing examples of Smart Cities include Barcelona, Dubai, Singapore, and Amsterdam. These cities have implemented various smart technology solutions, such as smart meters, intelligent traffic systems, e-governance services, and more to enhance the quality of life for their citizens.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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