Smart City Technologies Will Generate More Than $117 Billion in Revenue between 2013 and 2020, Forecasts Navigant Research
BOULDER, Colo.--(BUSINESS WIRE)-- With the pace of urbanization accelerating around the world, smart city initiatives - which integrate technology into a strategic approach to increasing sustainability, improving citizen well-being, and spreading prosperity - are expanding rapidly among municipal governments seeking to cope with crushing demand for services, living space, transportation, and employment. According to a recent report from Navigant Research, revenue from smart city technologies will surpass $20 billion in 2020, with a cumulative total of $117.3 billion from 2013 to 2020.
"The smart city is becoming a space for the testing and implementation of cross-functional technologies and solutions," says Eric Woods, research director with Navigant Research. "Among city leaders, there is growing awareness that the high-growth industries of the future will be closely linked to the development of information and communication technologies and services, as well as innovative clean technologies."
Funding remains the critical issue for large-scale deployment of smart city solutions, according to the report. The development of a range of financial models that allow cities to invest in innovation will be crucial to the next phase of this market. For this reason, interest in devising appropriate new service models is increasing.
The report, "Smart Cities", examines the evolution of the smart city market, detailing the impacts on key technology markets, including smart grids, water management, transportation, building energy efficiency, and government services. It also compares approaches to the smart city in North America, Europe, Asia Pacific, and the Middle East and provides detailed profiles of major smart city projects in each region. The report includes forecasts of the size and growth of the market for smart city technologies through 2020, segmented by key smart city industry sector and by region. 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, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Smart Cities," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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