Cumulative 2019-2028 Revenue for the Global Smart City Technology Market Is Anticipated to Reach $1.7 Trillion
Market growth reflects the continued interest in smart cities and the adoption of core technologies to create a connected, data-rich, and sustainable urban environment
A new report from Navigant Research 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. Click to tweet: According to a new report from Navigant Research, cumulative 2019-2028 revenue for the global smart city technology market is anticipated to reach $1.7 trillion
“Smart cities are gradually instrumenting the urban fabric at every layer, and cross-sector benefits are starting to be realized,” says Eric Woods, research director at Navigant. “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.
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 Research website.
*The information contained in this press release concerning the report, Smart Cities Overview, 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.