More than 250 smart city projects exist in 178 cities worldwide
The global market for smart city solutions and services is expected to reach nearly $98 billion in 2026, report finds
According to a new report from Navigant Research, there are more than 250 smart city projects from 178 cities around the world, and the majority focus on government and energy initiatives, followed by transportation, buildings and water goals.
Working in partnership with technology and service suppliers, city leaders and central governments are realizing the benefits smart city projects can provide in terms of economic opportunity, sustainability, and quality of life. As the number of smart city projects increases globally, cities are pursuing higher levels and a greater variety of integration among technology-driven city services and solutions.
“Leading cities are looking at how they can build on their initial investment in open data and the data feeds being provided by internet of things applications,” says Christina Jung, research analyst with Navigant Research. “Cities are moving beyond the publication of government open data policies to the exploitation of a wide range of data sources and the establishment of city platforms for information sharing and use of analytics.”
In addition, as sensor technology improves and costs decrease, smart city technologies are becoming more efficient, higher performing, and cheaper than ever before, according to the report. All told, the global market for smart city solutions and services is expected to grow from $40.1 billion in 2017 to $97.9 billion in 2026.