Navigant: Global revenue for smart city tech market to reach $1.7T through 2028

Monday August 12, 2019 0 comments Tags: Boulder, Navigant Research, smart cities, Eric Woods

BOULDER -- Cumulative 2019-2028 revenue for the global smart city technology market is anticipated to reach $1.7 trillion, according to a new report from Navigant Research.NavigantNEWlogoUSE

The new report examines the evolution of the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2028.

Smart cities embody the massive opportunities and challenges presented by the Fourth Industrial Revolution. The combination of ubiquitous communication, new energy solutions, innovations in transportation, and the digitization of many aspects of society mark a massive change in economies and societies

“Smart cities are gradually instrumenting the urban fabric at every layer, and cross-sector benefits are starting to be realized,” said Eric Woods, Navigant research director.

“This trend is reinforced by the growing importance that cities place on data analytics and creative approaches to delivering efficient, effective, and sustainable services.”

According to the report, the emphasis is now on deploying smart city solutions at scale. The challenge is to show how citywide deployments of new technologies can have a meaningful impact on urban challenges and improve outcomes in critical areas.

It is also important to demonstrate how successful approaches can be replicated across cities to address common problems, according to the report.

The report, Smart Cities Overview, examines the evolution of the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. The study examines key market and technology trends, strategies, projects, competitor profiles, and regional developments.

Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2028.

An Executive Summary of the report is available for free download on the Navigant website.