Smart cities services worth $225bn by 2026

This article originally appeared on SmartCitiesWorld.

The global market for smart cities services is predicted to grow from $93.5bn in 2017 to $225.5bn within the next decade, a new study from Navigant Research finds.

The delivery of city services is being transformed by smart technologies that are providing city managers with new insights into operational performance and providing platforms for new forms of personalised and responsive services.

But this transformation requires new forms of partnerships between cities and their delivery partners, which are often responsible for implementing new service practices that exploit the benefits of smart technologies, the report cautions.

According to Smart Cities Services Market, these new tools and capabilities will ultimately deliver social and environmental benefits to citizens in addition to significant cost reductions. The opportunity to exploit major infrastructure investments through use of digital technology also offers suppliers unique prospects for design and engineering innovation in the delivery of city services.

“Cities are looking to service providers that can be partners in infrastructure management and innovation and that are able to support the introduction of new technologies to improve service delivery,” said Ryan Citron, research analyst with Navigant Research.

“In response, global service providers are developing new tools and capabilities for delivering digitally enabled services to cities, including new citizen-focused applications, sensor-based management systems, and integrated city management platforms.”

The report examines the state of the global smart city services market, with a focus on three sectors: energy, mobility, and public services. It examines the approaches cities are taking to partnerships with a variety of private sector companies and provides case studies of smart city services projects in each major world region.

Key market issues and business models used to fund smart city services projects are evaluated, as well as the competitive landscape. Report also includes global revenue forecasts, segmented by region and sector, which extend through 2026.

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