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Smart city technology market to grow to $263 billion by 2028

Navigant Research’s report tracks the progress of 443 projects across 286 cities with relation to energy, water, transportation, buildings and government operations.

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Cities are achieving higher levels of integration among technology-driven services and solutions
Cities are achieving higher levels of integration among technology-driven services and solutions

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.

 

The company has released its Smart City Tracker 2Q19 report which highlights 443 projects spanning 286 cities around the world.

 

Technology-driven cities

 

The report provides an assessment of the state of smart city development around the globe, covering five key industry sectors: smart energy, smart water, smart transportation, smart buildings, and smart government.

 

Navigant reports that 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.

 

Of the 443 projects featured, 14 per cent primarily focus on energy, three per cent on water, 20 per cent on transportation, five per cent on buildings, 34 per cent on government and 24 per cent 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”

“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.”

 

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.

 

An executive summary of the report is available for free download on the Navigant Research website.

 

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