Global smart city market size forecast in the next decade

According to foreign media reports, market research firm Persistence predicted in a recent research report that global urbanization will drive the smart city market to grow by nearly 19% in the next 10 years.

Persistence predicted in the report that the global smart city market will grow from the current 620 billion US dollars (about 430.64 billion yuan) to more than 1 trillion US dollars (about 69.235 billion yuan) in 2019, and will grow further by 2026. To 3.48 trillion US dollars (about 240.938 billion yuan).

According to the report, the promotion of smart city market growth is that the government invests in technology to keep up with the pace of urbanization. “With the support of good government programs, rapid urbanization will continue to popularize the concept of smart cities around the world”.

Other key drivers driving smart city market growth include the need for cities to improve their energy infrastructure and more efficiently respond to automotive-related challenges.

According to the report, “Smart Energy has the largest share of revenue in smart city markets, exceeding US$100 billion in 2015 (about RMB 69.04 billion). China, Germany, India and Spain are deploying smart grid technology in large quantities, which is smart energy. The main factor that dominated the first half of the forecast period."

Smart security is the next big goal?

But researchers believe that smart energy investment will be surpassed by smart security at the end of the next decade.

According to the report, “Intelligent security will surpass smart energy by the end of 2026, accounting for 4% of the global smart city market. Intelligent security technologies such as network security systems, computer security systems, IP surveillance cameras, and public safety wireless alarms will be forecast. Promote growth in the smart security space during the term."

The third force driving the growth of the smart city market will remain a smart building.

According to the report, “As environmentally friendly construction technology is becoming more and more popular, smart buildings are expected to account for more than 15% of the smart city market in 2026, reaching US$520 billion (about RMB 362.02 billion). In terms of annual growth rate, intelligence Safety and smart buildings will surpass other areas, and this year's growth rate will reach more than 23% and more than 20%."

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