Smart City Projects Have Increased Nearly 40 Percent Since the Third Quarter of 2013
Ingenuity in smart city offerings and partnerships are expected to help expand the industry, report finds
A new report from Navigant Research examines the current state of global smart city development, covering the related aspects of the smart energy, smart water, smart transportation, smart buildings, and smart governments sectors, segmented by region.
As the benefits of smart cities become clearer, the number of projects and partnerships supporting the cause is rapidly increasing. In the last few years, city leaders, central government ministries, and technology and service suppliers have announced a range of new smart city initiatives, incentives, and product and service offerings, while more cities are moving from one specific technology interest to a broader range of solutions that have multiple applications. Click to tweet: According to a new report from Navigant Research, the total number of identified smart city projects has grown from 170 in the third quarter of 2013 to 235 today.
“The expansion of smart city projects is happening not only in terms of the quantity of projects being developed, but also in relation to the level and variety of integration being pursued,” says Ryan Citron, research analyst with Navigant Research. “This expansion is expected to increase as governments continue to recognize the tremendous associated benefits of smart cities, including improved economic opportunity, sustainability, and quality of life.”
Continued investment in technologies and policies such as smart grids, networked light-emitting diode (LED) street lights, urban mobility, climate action plans, open data platforms, water management, and smart parking systems represent a growing market for smart cities, according to the report. In addition, an increase in innovations from suppliers in terms of the product and solution offerings, as well as the partnerships they are forming with cities and other stakeholders, is expected to further propel the industry’s growth.
The report, Smart City Tracker 4Q15, provides an assessment of the current state of smart city development around the globe. The report covers five key industry sectors as they relate to smart cities: smart energy, smart water, smart transportation, smart buildings, and smart government. It also looks across these sectors at projects that address multiple aspects of city operations. The 235 projects included in this Tracker are segmented by region and by primary industry sector. Roughly 85% of the projects are focused on issues related to energy, transportation, or government. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, Smart City Tracker 4Q15, 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.