More than 70% of global smart city spending by 2030 will be from the United States, Western Europe, and China.
Smart cities’ spending on technology over the next six years is expected to expand at a compound annual growth rate of 22.7 percent, reaching $327 billion by 2025, up from $96 billion in 2019. “Technologies like artificial intelligence and big data will be in high demand to combat the pandemic, with growing opportunities for crowd analytics, open data dashboards, and online city services,” Frost & Sullivan notes.
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Frost & Sullivan defines a smart city as one that embodies at least five of eight parameters (smart buildings, mobility, infrastructure, energy, citizenry, governance, education, and healthcare). So far, no city in the world has achieved that. However, Frost & Sullivan predicts there will be more than 26 global smart cities that meet the guidelines by 2025, and nine of those cities are expected to be in the U.S.
