A new report from Navigant Research assesses the state of global smart city development, covering the smart energy, smart water, smart transportation, smart buildings, and smart government sectors.
Smart city development has become a truly global market, with significant activity in all regions and most countries. The market continues to mature as more cities achieve higher levels of integration among technology-driven city services and solutions, leveraging data and insights across multiple operations and service sectors. Navigant Research’s Smart City Tracker 2Q19 includes 443 projects spanning 286 cities around the world. Of these, 14% of the projects primarily focus on energy; 3% on water; 20% on transportation; 5% on buildings; 34% on government; and 24% on multi-sector deployments.
“Continued growth in smart city projects demonstrates a widespread and continued drive to put innovation at the heart of city strategies around the world,” says Ryan Citron, senior research analyst at Navigant Research. “Today’s key trends show a rapid increase in Internet of Things (IoT) deployments, new partnership ecosystems, and a growing number of smart, sustainable, and digital city operations, all expected to continue driving the market forward.”
Navigant Research expects annual revenue for the global smart city technology market to grow from $97.4 billion in 2019 to $263 billion by 2028, with cumulative revenue expected to reach almost $1.7 trillion. This market outlook reflects a continued interest in smart cities and the adoption of core technologies that enable the vision of a connected, data-rich, and sustainable urban environment.
The report, Smart City Tracker 2Q19, provides an assessment of the state of smart city development around the globe. The report covers five key industry sectors: smart energy, smart water, smart transportation, smart buildings, and smart government. The Tracker also has a multi-sector category to capture the evolution of the market toward project deployments that cut across multiple industries. Deployments are segmented by project type, including policy initiatives, pilots and demonstrations, commercial deployments, sustainability programs, and city developments. The 433 projects included in this Tracker are segmented by region, project type, and industry sector. An Executive Summary of the report is available for free download on the Navigant Research website.