Projects contribute to the nearly $1.7 trillion cumulative global smart city technology market estimated for the next decade
BOULDER, Colo.–(BUSINESS WIRE)–#IoT–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. Click to tweet: 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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Smart City Tracker 2Q19, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.