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Global Smart City Technology Market Anticipated to Reach $1.7 Trillion by 2028

Market growth reflects the continued interest in smart cities and the adoption of core technologies to create a connected, data-rich, and sustainable urban environment

A new report from Navigant Research examines the evolution of the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2028.

Smart cities embody the massive opportunities and challenges presented by the Fourth Industrial Revolution. The combination of ubiquitous communication, new energy solutions, innovations in transportation, and the digitization of many aspects of society mark a massive change in economies and societies. According to the report, cumulative 2019-2028 revenue for the global smart city technology market is anticipated to reach $1.7 trillion

“Smart cities are gradually instrumenting the urban fabric at every layer, and cross-sector benefits are starting to be realized,” said Eric Woods, research director at Navigant. “This trend is reinforced by the growing importance that cities place on data analytics and creative approaches to delivering efficient, effective, and sustainable services.”

According to the report, the emphasis is now on deploying smart city solutions at scale. The challenge is to show how citywide deployments of new technologies can have a meaningful impact on urban challenges and improve outcomes in critical areas. It is also important to demonstrate how successful approaches can be replicated across cities to address common problems.

The report, Smart Cities Overview, examines the evolution of the global smart city market, with a focus on five key industries: energy, water, mobility, buildings, and government. The study examines key market and technology trends, strategies, projects, competitor profiles, and regional developments. Global revenue forecasts for smart city technologies, segmented by industry and region, extend through 2028.

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