New research from ABI Research shows that investments into smart cities could grow to $375 billion by 2030 as cities ramp up their focus on urban infrastructure.
There are various reasons driving this type of innovation, including workplace digitalization, increased focus on addressing climate change, demand for more affordable living, and more.
The physical benefits, such as more distributed city footprints and green infrastructure, are undoubtedly important to this evolution. However, the invisible digital perks such as sensors, software management, and automation are equally vital.
Examples of proposed smart cities include projects such as The Line in Saudi Arabia and Telosa in the U.S. Both cities would focus on creating a new, more accommodating style of city living that features 20-minute neighborhoods, as well as on-demand mobility, retail, healthcare, and delivery technology.
“The very concept of cities will change profoundly and structurally,” said Dominique Bonte, VP End Markets and Verticals at ABI Research. “While many of these new city visions may never see the light of day, they do offer a glimpse into a more humanized, sustainable, and resilient urban future, much of which will be realized by gradually retrofitting and/or upgrading existing urban infrastructure in the next decades.