Smart city AI software revenue set to increase 700% by 2025

Source: Smart Cities World Published: April 3, 2020

The global smart city artificial intelligence (AI) software market is set to increase to $4.9 billion in 2025, up from $673.8 million in 2019, according to new analysis from analyst house Omdia. This represents a seven-fold rise.

As 4G and 5G are making it easier to collect and manage data, AI is enabling deeper analysis of that data. It can be used to automatically identify patterns or anomalies within data.

Video surveillance is a key area but the coronavirus pandemic could see a bigger focus on the use of AI to better co-ordinate public health responses, Omdia said.

“From video surveillance to traffic control to street lighting, smart city use cases of all types are defined by the collection, management and usage of data,” said Keith Kirkpatrick, principal analyst for AI, Omdia. “However, until recently, connecting disparate components and systems together to work in concert has been challenging due to the lack of connectivity solutions that are fast, cost-effective, low latency and ubiquitous in coverage.