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Smart city technologies are expected to become a $100 billion industry in 2024 as more and more cities look for innovative solutions for urban challenges, a new report showed on Wednesday.  

According to data presented by Stocklytics.com, the market size of smart city technologies has increased by an impressive 140 per cent over the past five years. Smart cities use the Internet of Things (IoT) and various software, user interfaces, and communication networks to deliver connected, innovative solutions for urban challenges, from public and cybersecurity threats, traffic congestion and energy management to e-governance.

As per Statista, the global revenue from smart city technologies amounted to $37.5 billion in 2018. Since then, this figure has grown by 140 per cent and reached almost $90 billion last year.

According to the report, China will remain the largest and fastest-growing market. Chinese smart city revenues will increase by 18.5 per cent and $43.5 billion this year. Outside China, Europe has appeared as the leading smart city technology adopter, but North America still represents the second-largest market, the report said.

As per the projections, the sector will continue to grow, with worldwide smart city technology revenues increasing by an average of $15 billion per year to $165.8 billion in 2028.