Smart City Technology Will Reach $27.5 Billion in Annual Revenue by 2023, Forecasts Navigant Research
Addressing the challenges of big data is a key pathway toward smarter cities, report concludes
BOULDER, Colo.--(BUSINESS WIRE)--Creating more sustainable, resilient, and livable cities is of vital importance to nations around the world. In particular, the rapid urbanization of Asia and Africa is driving strong growth in the market for smart city technologies that can connect and modernize power grids, water treatment and transfer systems, transportation management systems, and energy efficient buildings. Click to tweet: According to a new report from Navigant Research, worldwide revenue from smart city technology will grow from $8.8 billion in 2014 to $27.5 billion in 2023.
“City leaders are embracing these innovations to meet sustainability goals, boost local economies, and improve services.”
“New infrastructure for rapidly expanding cities is being underpinned by information and communications technologies that are deeply embedded in the urban fabric and are profoundly changing the way cities operate and how people live and work in these environments,” says Eric Woods, research director with Navigant Research. “City leaders are embracing these innovations to meet sustainability goals, boost local economies, and improve services.”
One key driver for innovation in smart city projects around the world is the opportunity to capture and make use of big data. The ability to harness real-time, highly granular data across a wide range of city operations and services is changing the way the urban environment is managed and experienced. However, before cities can fully enter the big data era, city managers must address some critical challenges, according to the report, particularly the lack of appropriate skills among city government employees.
The report, “Smart Cities”, examines the evolution of the global smart city market, detailing the impacts on key technology markets, including smart grids, water management, transportation, building energy efficiency, and government services. It compares different approaches to the smart city and provides comprehensive profiles of noteworthy smart city projects in each major world region. Global forecasts of the size and growth of the market for smart city technologies, segmented by smart city industry sector and region, extend through 2023. The report also examines the significant market drivers and challenges related to smart cities, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* 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.