Revenue for the global smart city technology market will reach $1.7 trillion by 2028, according to Navigant Research.
Factors driving the market include the continued interest in smart cities and the adoption of core technologies to create a connected, data-rich, and sustainable urban environment.
The fourth industrial revolution is symbolic, and encouraging the penetration of smart city technologies such as the combination of ubiquitous communication, new energy solutions, and innovations in transportation, and the digitisation of many aspects of society.
The digitisation of operations is being seen in the energy, water, mobility, buildings, and government industries.
Key market trends include:
- Emphasis is now on deploying smart city s9olutions at large-scale
- Demonstrating how citywide deployments of new technologies can have a meaningful impact on urban challenges and improve outcomes in critical areas, remains a challenge
Eric Woods, research director at Navigant Research, said: “Smart cities are gradually instrumenting the urban fabric at every layer, and cross-sector benefits are starting to be realised.
“This trend is reinforced by the growing importance that cities place on data analytics and creative approaches to delivering efficient, effective, and sustainable services.”
For more information about the report, visit Smart Cities Overview