Worldwide revenue from smart city technology is forecast to grow from the current $8.8bn to $27.5bn by 2023.
A new report from Navigant Research states that “the rapid urbanization of Asia and Africa is driving strong growth in the market for smart city technologies that can connect and modernize power grids”.
Navigant says that a major driver for innovation in smart city projects around the world “is the opportunity to capture and make use of big data. The ability to harness real-time, highly granular data across a wide range of city operations and services is changing the way the urban environment is managed and experienced”.
Eric Woods, research director with Navigant, said: “New infrastructure for rapidly expanding cities is being underpinned by information and communications technologies that are deeply embedded in the urban fabric and are profoundly changing the way cities operate and how people live and work in these environments.”