There are more than 250 smart city projects underway across 178 cities around the world, according to a new report from market research firm Navigant Research.
The report, Smart City Tracker 1Q17, finds that of the 252 smart city projects tracked, the majority of projects are smart government-led (40%), with smart energy coming a relatively close second (27%), while smart transportation (18%), smart buildings (11%), and smart water (4%) projects made up the rest.
Geographically, the majority of projects tracked were in Europe, with Asia Pacific in second and North America third.
“The development of smart cities is now a truly global phenomenon, with considerable activity and notable projects across all regions,” Navigant Research says.
“Working in partnership with technology and service suppliers, city leaders and central governments are realizing the benefits smart city projects can provide to increase and improve economic opportunity, sustainability, and quality of life.”
Thanks to the widespread interest in smart city programs, the global market for smart city solutions and services is expected to grow from $40.1 billion in 2017 to $97.9 billion in 2026, representing a compound annual growth rate (CAGR) of 10.4%.
This includes investments in areas such as open data platforms, smart grids, networked LED street lights, urban mobility, energy-efficient buildings, water management, and government service applications.
In addition, as sensor technology improves and costs decrease, smart city technologies are becoming more efficient, higher performing, and cheaper than ever before, the report adds.