Municipalities around the worldwide are going for Smart City projects not only in greater numbers but also with more focus on integration and variety, a recent research report says.
The emerging trend in Smart City concepts, according to Navigant Research, show the primarily focus is to improve economic development, sustainability and citizens’ lives.
The major trends that are seen emerging are smart grids, networked LED street lights, transportation and open data portals.
Navigant Research expects the global Smart City technology market to be worth more than $27.4 billion annually by 2023, compared to $10.4 billion in 2015. This represents a compound annual growth rate (CAGR) during that period of 12.9 per cent.
There is a rapid increase in the number of Smart City projects and the trend is towards cities increasingly moving from one specific technology interest to a broader range of solutions that have multiple applications.
Governments and technology and service suppliers are offering a range of new projects, incentives, and product and services. New national programmes—particularly those from the US and India—demonstrate the commitment that large economic players are making towards Smarter Cities.
The market is also seeing an increase in innovations from suppliers in terms of the products and solutions they are offering, as well as the partnerships they are forming with cities and other stakeholders.
Navigant Research report covers five key industry sectors as they relate to Smart Cities: Smart energy, smart water, smart transportation, smart buildings, and smart government.