This study was commissioned by the Greater London Authority (GLA) to explore the market opportunity for digital solutions to help address London’s challenges.
The study concluded that by 2020 the market for smart city technologies and associated products and services could reach £8.9 billion (US$13.4bn), or roughly one per cent of the global market.
Over half of this, or approximately £4.6bn (US$7bn), could be attributed to the following sectors: smart energy, smart water and waste management, smart transport, and health and assisted living.
The report sets out the barriers to be considered now and in the future, and makes recommendations as to how to maximise the opportunities that these sectors present. The findings of this report supported the update of the Smart London Plan, which is about helping the capital function better, engage citizens and businesses, and solve real-world problems with the help of data and technology.