Navigant Research has issued its smart city tracker which investigates smart city developments implemented during the second quarter of 2019.
According to the study, a total of 443 smart city projects were implemented in some 286 cities around the world.
14% focused on energy, 3% on water, 20% on transportation, 5% on buildings, 34% on governments and 24% on multi sectors.
Other key study findings include:
- An increase in annual revenue generation from $97.4 billion in 2019 to $263 billion by 2028.
- Cumulative revenue for smart city technologies is expected to reach almost $1.7 trillion.
- Smart city development has become a truly global market, with significant activity in all regions and most countries.
- The market continues to mature as more cities achieve higher levels of integration among technology-driven city services and solutions.
Ryan Citron, senior research analyst at Navigant Research, said: “Continued growth in smart city projects demonstrates a widespread and continued drive to put innovation at the heart of city strategies around the world.
“Today’s key trends show a rapid increase in Internet of Things (IoT) deployments, new partnership ecosystems, and a growing number of smart, sustainable, and digital city operations, all expected to continue driving the market forward.”