BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research examines the evolution of the global smart city market, including global market forecasts, segmented by industry sector and region, through 2023.
Rapid urbanization, particularly in developing regions of the world, is creating increasing demand for smart grids, advanced water monitoring systems, transportation management systems, and energy efficient buildings. Underpinned by information and communications technologies (ICT) that are deeply embedded in the fabric of old and new cities, these technologies have the potential to profoundly change the way cities operate and how people live and work in these environments. Click to tweet: According to a recent report from Navigant Research, cumulative global investment in smart city technologies is expected to total $174.4 billion from 2014 to 2023.
“Smart city pilots around the world are demonstrating the benefits of technology innovation to cities,” says Eric Woods, research director with Navigant Research. “Now, city leaders must show how these technologies can address the day-to-day concerns of citizens, by developing new forms of engagement, using analytics to better understand actual needs, and benchmarking services to better demonstrate innovation-led improvements.”
The global smart city technology market is forecast to be worth more than $27.5 billion annually by 2023, compared to $8.8 billion in 2014, according to the report. Much of this growth is expected to come in Asia Pacific, which is projected to become the largest market for smart city technologies by 2015 and to grow to $11.3 billion annually by 2023.
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 (NYSE: NCI) 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. Enhanced by senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at 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.