The global smart city development market continues to mature as cities all over the world are leveraging insights and data to achieve greater integration of tech-driven solutions and services into their local systems and infrastructures. In a new report from Navigant Research the maturing of smart city development is examined, covering smart transportation, smart water, smart energy, smart government sectors, and smart buildings.
Titled the Smart City Tracker Q219, the report assesses 443 projects from 286 cities across the globe. By 2028, Navigant Research expects global smart city revenue to reach $263 billion, up from $97.4 billion in 2019. Of the 443 projects examined, 34% focus on government, 24% on multi-sector deployments, 20% on transportation, 14% on energy, and 3% on water.
Cities like Newark, New Jersey and Las Vegas, Nevada see smart city technology as a way to not only improve quality of life, but diversify their economy as well. Aiming for a fully-fledged smart city by 2025, Las Vegas tests autonomous and connected vehicle technologies as well as smart city sensors to measure foot traffic and air quality. Once properly integrated, the systems are able to build upon one another. Data from connected sensors and smart transportation can anticipate traffic jams and the exact ways the road is used around the city.
“Continued growth in smart city projects demonstrates a widespread and continued drive to put innovation at the heart of city strategies around the world,” said Navigant Research senior research analyst Ryan Citron. “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.”
