Monday October 20, 2014 0 comments
BOULDER - Cumulative global investment in smart city technologies is expected to total $174.4 billion from now until 2023, according to a new report from Navigant Research.
"Smart city pilots around the world are demonstrating the benefits of technology innovation to cities," said Eric Woods, Navigant research director.
"Now, city leaders must show how these technologies can address the day-to-day concerns of citizens, by developing new forms of engagement, using analytics to better understand actual needs and benchmarking services to better demonstrate innovation-led improvements."
Navigant said the global smart city technology market is forecast to be worth more than $27.5 billion annually by 2023, compared to $8.8 billion this year.
Much of the growth is expected to come in Asia Pacific, projected to become the largest market for smart city technologies by 2015 and grow to $11.3 billion annually by 2023.
The report, "Smart Cities," examines the evolution of the global smart city market, detailing the impacts on key tech markets, including smart grids, water management, transportation, building energy efficiency and government services.
An executive summary of the report is available for free download on the Navigant Research website.