London backing smart city technologies as market expected to grow to £8.9bn by 2020

A new report released by the Mayor of London has outlined the potential key role London can play in the emerging smart city technologies market.

The 'Future of Smart' report, an update on the city's progress in meeting the conditions of the Mayor's Smart London Plan of December 2013, reaffirms the capital's commitment to capitalising on the potential £8.9bn smart city technologies market by 2020. Citing figures from Arup which estimate that London has the potential to capture 1% of the global smart city technologies market, the report also sets out recommendations for the future Mayor in capitalising on the city's 'smart' credentials. The report explains that over half of London's potential contribution to the market, equating to some £4.6bn, could come from the smart energy, transport and mobility, healthcare and environmental infrastructure sectors combined. Boris Johnson said: 'London's population is growing at a record rate and our technology entrepreneurs are in pole position to harness the great potential new tech offers to lead the capital forward. This city has made huge strides in developing every type of technology and it can help us secure the capital's future as the best big city in the world.'

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