A recent report from Navigant Research examines the evolution of the global smart city market, including global market forecasts, segmented by industry sector and region, through 2023. 

Rapid urbanization, particularly in developing regions of the world, is creating increasing demand for smart grids, advanced water monitoring systems, transportation management systems, and energy efficient buildings.  Underpinned by information and communications technologies (ICT) that are deeply embedded in the fabric of old and new cities, these technologies have the potential to profoundly change the way cities operate and how people live and work in these environments.  According to a recent report from Navigant Research, cumulative global investment in smart city technologies is expected to total $174.4 billion from 2014 to 2023.

“Smart city pilots around the world are demonstrating the benefits of technology innovation to cities,” says Eric Woods, research director with Navigant Research.  “Now, city leaders must show how these technologies can address the day-to-day concerns of citizens, by developing new forms of engagement, using analytics to better understand actual needs, and benchmarking services to better demonstrate innovation-led improvements.”  

The global smart city technology market is forecast to be worth more than $27.5 billion annually by 2023, compared to $8.8 billion in 2014, according to the report.  Much of this growth is expected to come in Asia Pacific, which is projected to become the largest market for smart city technologies by 2015 and to grow to $11.3 billion annually by 2023.

The report, “Smart Cities”, 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.  It compares different approaches to the smart city and provides comprehensive profiles of noteworthy smart city projects in each major world region.  Global forecasts of the size and growth of the market for smart city technologies, segmented by smart city industry sector and region, extend through 2023.  The report also examines the significant market drivers and challenges related to smart cities, as well as the competitive landscape.  An Executive Summary of the report is available for free download on the Navigant Research website.

About Navigant Research

Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries.  In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets.  The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors.