10 Mar Smart City Projects Rumbling to Life Around the World
Research firm Navigant shows ingenuity in smart city offerings and partnerships are expected to help expand the industry
A new report from boutique research firm Navigant Research shows the global smart city technology market is expected to more than double in the coming years, from $10.4 billion in 2015 to $27.4 billion by 2023.
The firm tracks a complex matrix of issues, solutions, technologies, operations, and infrastructural requirements related to smart cities, and new projects have been added to the database – showing continued investment in smart grids, networked LED street lights, urban mobility, climate action plans, open data platforms, water management, and government service applications for smart cities.
“The expansion of smart city projects is happening not only in terms of the quantity of projects being developed but also in relation to the level and variety of integration being pursued,” says Ryan Citron, research analyst with Navigant Research. “This expansion is expected to increase as governments continue to recognize the tremendous associated benefits of smart cities, including improved economic opportunity, sustainability, and quality of life.”
Citron says they see continued investment in technologies like advanced parking systems represent a growing market for smart cities. As well, an increase in innovations from suppliers in terms of the product and solution offerings – as well as the partnerships they are forming with cities and other stakeholders – is expected to further propel the industry’s growth.