Smart city startups worldwide are expected to generate $110.7 billion in revenue by 2025, a trifold increase in five years, Norwegian financial services company AksjeBloggen said on Tuesday.
Asian smart city startups are expected to generate $14.9 billion or 38 per cent of total revenues in 2021.
By 2025, this figure is forecast to soar by 232 per cent to $49.6 billion.
"Last year, smart city startups worldwide generated $32.3 billion in revenue, revealed the Statista survey. This figure includes all revenue that companies generated by offering technologies and products that use information, data and connectivity technologies to create more value within the public city environment," said the report.
As the second-largest revenue stream, the mobility segment is set to reach a $9.4 billion value this year.
Statista predicts this figure to jump by nearly 190 per cent to $27.2 billion in the next four years.
"Smart buildings are expected to witness a 172 per cent revenue growth in this period, with the figure rising from $7.2 billion in 2021 to $19.2 billion in 2025.
"However, startups delivering environmental solutions for smart cities are set to witness the most significant growth in the following years. Between 2021 and 2025, their revenues are expected to surge by 210 per cent and hit $16.4 billion globally," the report mentioned.
European smart city startups are expected to witness a 166 per cent revenue growth in this period, rising from $8.7 billion in 2021 to $23.16 billion in 2025. North American startups follow with $12.3 billion in revenue in 2021.
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