Smart cities development is a rapidly growing industry that is transforming urban environments across Canada and North America. This innovative approach to urban planning incorporates cutting-edge technology and data analytics to enhance the efficiency, safety, and sustainability of cities.
According to a report by MarketsandMarkets, the global smart cities market is expected to reach USD 820.7 billion by 2025, growing at a compound annual growth rate (CAGR) of 22.9% from 2020 to 2025. In Canada, the smart cities market is expected to reach CAD 109.3 billion by 2025, according to a report by Frost & Sullivan. The growth of the smart cities industry is being driven by a range of factors, including population growth, urbanization, and increasing demand for sustainable and efficient urban infrastructure.
The future outlook for the smart cities industry in Canada and North America is very positive. With continued investment and innovation, this industry is expected to see significant growth in the years to come. One key driver of growth in this industry is the increasing demand for sustainable and efficient urban infrastructure. As cities become more densely populated, the need for smart infrastructure that can optimize resource use and reduce environmental impact becomes increasingly important.
In addition, the development of new technologies and data analytics tools is likely to drive innovation and growth in the industry. With the ability to collect and analyze vast amounts of data in real time, smart cities can optimize everything from traffic flow and energy use to public safety and emergency response.
Canada is home to a number of major companies in the smart cities industry. Some of the key players in this market include: UrbanLogiq, Ecobee: Ecobee,BentallGreenOak and Foresight Cleantech Accelerator Centre
The smart cities industry is a rapidly growing and evolving market, with significant growth potential in Canada and North America. With continued investment and innovation, this industry is expected to see significant growth in the years to come, driven by increasing demand for sustainable and efficient urban infrastructure, as well as the development of new technologies and data analytics tools. Canada is home to a number of major players in this market, including UrbanLogiq, Ecobee, BentallGreenOak, and the Foresight Cleantech Accelerator Centre, among others.