Pike Research forecasts smart city technology market to grow to $20.2B annually in 2020; smart transportation component to be worth $5.5B by 2020

In a new report, Pike Research forecasts that the smart city technology market will grow from $6.1 billion annually in 2012 to $20.2 billion in 2020—a compound annual growth rate (CAGR) of 16.2%. Globally, Pike anticipates cumulative investment of more than $117 billion in smart city technologies between 2012 and 2020.
Pike Research analyzes the market in terms of the five “industries” that are core to the development of smart cities: smart energy; smart water; smart transportation; smart buildings; and smart government. The fastest-growing of these industries will be smart transportation, with a CAGR of 19.5% between 2012 and 2020. By 2020, the smart transportation market related to smart cities will be worth $5.5 billion annually.