Revenue from smart cities will more than double from US$36.8 billion in 2016 to a whopping US$88.7 billion in 2025, according to a new report by Navigant Research.
According to the Smart Cities report, deployment of Internet of Things applications and the need to make cities more resilient and capable of surviving extreme climate events are accelerating the market. In particular, the report highlights applications in energy and water management, mobility, buildings and government services as key drivers.
“Today, city leaders and suppliers are recognising that there needs to be a more clear and timely route to the broader deployment of proven technologies and solutions,” said Eric Woods, research director with Navigant Research. “The question is how to establish the right business models and deployment strategies to enable this expansion.”