Tuesday July 8, 2014 0 comments
BOULDER - Worldwide revenue from smart city technologies that can connect power grids, water treatment and transfer systems, transportation management systems and energy-efficient buildings will grow from $8.8 billion this year to $27.5 billion by 2023, according to a new report from Navigant Research.
"New infrastructure for rapidly expanding cities is being underpinned by information and communications technologies that are deeply embedded in the urban fabric and are profoundly changing the way cities operate and how people live and work in these environments," said Eric Woods, Navigant's research director.
"City leaders are embracing these innovations to meet sustainability goals, boost local economies and improve services."
The Navigant report said one key driver for innovation in smart city projects around the world is the opportunity to capture and make use of Big Data.
The ability to harness real-time, highly granular data across a wide range of city operations and services is changing the way the urban environment is managed and experienced, the report said.
A free executive summary of the report, "Smart Cities," is available for download on the Navigant website.