The global market for smart city solutions and services is expected to reach nearly $98 billion in 2026, report finds
BOULDER, Colo.--(BUSINESS WIRE)--A new report from Navigant Research examines the current state of global smart city development, covering the related aspects of the smart energy, smart water, smart transportation, smart buildings, and smart governments sectors, segmented by region.
Working in partnership with technology and service suppliers, city leaders and central governments are realizing the benefits smart city projects can provide in terms of economic opportunity, sustainability, and quality of life. As the number of smart city projects increases globally, cities are pursuing higher levels and a greater variety of integration among technology-driven city services and solutions. According to a new report from @NavigantRSRCH, there are more than 250 smart city projects from 178 cities around the world, and the majority focus on government and energy initiatives, followed by transportation, buildings, and water goals.
“Leading cities are looking at how they can build on their initial investment in open data and the data feeds being provided by Internet of Things applications,” says Christina Jung, research analyst with Navigant Research. “Cities are moving beyond the publication of government open data policies to the exploitation of a wide range of data sources and the establishment of city platforms for information sharing and use of analytics.”
In addition, as sensor technology improves and costs decrease, smart city technologies are becoming more efficient, higher performing, and cheaper than ever before, according to the report. All told, the global market for smart city solutions and services is expected to grow from $40.1 billion in 2017 to $97.9 billion in 2026.
The report, Smart City Tracker 1Q17, provides an assessment of the current state of smart city development around the globe. New projects have been added to the database that show continued investment in open data platforms, smart grid technologies, networked LED street lights, urban mobility, energy efficient buildings, water management, and government service applications for smart cities. The report covers five key industry sectors as they relate to smart cities: smart energy, smart water, smart transportation, smart buildings, and smart government. It also looks across these sectors at projects that address multiple aspects of city operations. The 252 projects included in this Tracker are segmented by region and by industry sector. An Executive Summary of the report is available for free download on the Navigant Research website.
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