Adoption of smart city solutions to accelerate over the next two years as spread of Internet of Things technologies provides further momentum
A new report from Navigant Research analyzes the global smart city market, with a focus on energy, water, mobility, buildings, and government services, providing comprehensive profiles of smart city projects and forecasts for smart city technologies, segmented by industry and region, through 2025.
As city leaders around the world continue to commit to smart city objectives to meet social, economic, and environmental challenges, national governments are also encouraging cities to become centers of innovation and drivers of sustainable growth. But while there are many grand visions for the development of smart cities, and even more pilots and demonstration programs, there are far fewer large-scale, financially sound deployments of smart solutions to solve core city problems. Click to tweet: According to a new report from @NavigantRSRCH, global smart city revenue is expected to grow from $36.8 billion in 2016 to $88.7 billion by 2025.
“Today, city leaders and suppliers are recognizing that there needs to be a more clear and timely route to the broader deployment of proven technologies and solutions,” says Eric Woods, research director with Navigant Research. “The question is how to establish the right business models and deployment strategies to enable this expansion.”
Current city strategies increasingly emphasize resilience and climate adaption and focus on making smart city development relevant to citizens and their daily lives, according to the report. During the next two years, the adoption of smart city solutions is expected accelerate as the spread of the Internet of Things provides further momentum.
The report, Smart Cities, examines the evolution of the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. The study compares different approaches to the smart city and provides comprehensive profiles of noteworthy smart city projects in each major world region. Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2025. The report also examines the significant market drivers and challenges related to smart cities, key business models used to fund smart city projects, and the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Smart Cities, 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.