Updated: Mar 1, 2019
ABI Research, a global firm focused on delivering deep market data forecasts, analyses, and teardown services has recently released a report focused on smart city funding and development, see here for the full report.
The conclusion that they came up with was that Urbantech, Civictech, and GovTech are quickly becoming established terms for designating the overall smart cities ecosystems, technology, and investment environment.
“This is creating a reversal of fortune for suppliers so far frustrated with dealing with city governments’ complex procurement processes, opaque sales cycles, long decision and implementation trajectories, and the overall lack of smart city technology business development opportunities” says Dominique Bonte, Managing Director and Vice President at ABI Research. “We see the GovTech industry starting to gain momentum, especially in the U.S. The city tech start-up scene is also developing cloud, and venture capital is finding its way into public sectors.”
Local governments are sitting in front of the challenges of funding and deploying smart city technologies to guarantee the provision of mobility, communication, water, healthcare, education, energy, and security services, at the same time they are ensuring livable, affordable and sustainable environments. New themes like citizen engagement, data capitalisation through mobile sensors and vehicles for informational services, and the acceptance of the overall sharing economy will give the opportunity to governments to adopt smart city technologies at ever decreasing costs.