According to AksjeBloggen.com Smart City startup revenues worldwide are expected to reach $110.7bn by 2025. Asian, European, and American Smart City Startups individually are to expect three-digit revenue growth.
Smart cities are designed to serve the growing population by improving safety, sustainability, and mobility.
With this, startups offer an innovative solution to urban challenges, ranging from cybersecurity threats, traffic congestion, energy management to e-governance.
These initiatives are supported by technologies such as artificial intelligence, and sensors to gather large amounts of public data available for researchers and startups to manage.
Smart city startup revenues in 2021 are expected to grow by $6.7 bn and then rapidly increase over the next years.
Asian startups are expected to make $14.9bn in 2021, however, by 2025 this figure is to drastically increase by 232% to $49.6bn
In the same period, European Smart City startups are also projected to surge from $8.7bn to 23.16bn, which is a 166% increase from 2021-2025.
North America, we also see similar increases with revenue in 2021 increasing 166% from $12.3bn to $31.2bn.
Smart utilities are the startup’s largest revenue stream and create the highest share in the smart city market, they are expected to generate one-third ($10.7bn) of the total revenue.
Smart utilities are electric, water, and gas companies that utilize connected sensors to analyse operations and offer services more accurately and efficiently.
In the next four years, the utility sector will grow 180%, climbing to a value of $30bn.
Over the same period, the second largest stream, mobility is predicted to jump 190% from $9.4bn in 2020 to $27.2bn.
Smart buildings revenue is also expected to increase by 170%.
However, the largest increase and growth projected for the sectors in the coming years is environmental solutions for smart cities.
Between 2021 and 2025, their revenues are expected to surge by 210% and hit $16.4bn worldwide.
In a Statista Survey, it reported Smart City startups created a revenue worldwide of 32.3bn.
The need and revenue of startups have increased majorly and are expected to continue growing in future years.
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