Smart City tech to clock $27.5bn in annual revenue by 2023: research

Smart City tech to clock $27.5bn in annual revenue by 2023: research

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US: A market research report released by Navigant Research has forecast that annual revenue of the global smart city technology will grow from $8.8 billion in 2014 to $27.5 billion in 2023.

City leaders all over the world have embraced the smart city concept with enthusiasm. They are heralding innovative projects and laying out a vision for how cities can use technology to meet sustainability goals, boost local economies, and improve services. This commitment to changing how cities operate is driving the continued interest in smart cities. Moreover, the smart city concept is evolving as more cities set out their own agenda and a growing range of suppliers deliver solutions to meet their emerging needs.

Smart city technologies are being developed to address a range of issues, including energy management, water management, urban mobility, street lighting, and public safety, for example. These innovations are underpinned by general developments in areas such as wireless communications, sensor networks, data analytics, and cloud computing. The smart city concept is also driving new integrated approaches to city operations.

The report 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. The study has compared different approaches to the smart city and profiled some noteworthy smart city projects in each major world region.

Source: Navigant Research