Global smart city tech market revenue to hit $1.7 T by 2028

The global smart city technology market is projected to earn $1.7 trillion in revenue between 2019 and 2028, according to a new report.

The report — developed by Navigant Research — looks at the global smart city market, focusing on the government, energy, water, mobility and building industries and breaks down smart city technology revenue forecasts by industry and region.

Their analysis showed that smart cities are now putting emphasis on deploying communication, energy and transportation solutions, among others, at scale, in ways that meaningfully combat urban challenges, including climate change. Navigant Research also said it’s important to demonstrate how successful approaches can be replicated across cities to address common problems.

Navigant Research Research Director Eric Woods said, “Smart cities are gradually instrumenting the urban fabric at every layer and cross-sector benefits are being realised.

“This trend is reinforced by the growing importance that cities place on data analytics and creative approaches to delivering efficient, effective and sustainable services,” Woods concluded.

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