Navigant Research predicts smart cities project spending will grow to $98 billion annually in 2026

Written By: Stratton Report
March 16, 2017

On March 16, Navigant Research announced it has identified more than 250 smart city projects from 178 cities around the world, with worldwide spending expected to grow from $40.1 billion in 2017 to $97.9 billion in 2026.  According to Navigant, the majority focusing on government and energy initiatives, followed by transportation, buildings, and water goals

Christina Jung, research analyst with Navigant Research noted:

Leading cities are looking at how they can build on their initial investment in open data and the data feeds being provided by Internet of Things applications. Cities are moving beyond the publication of government open data policies to the exploitation of a wide range of data sources and the establishment of city platforms for information sharing and use of analytics.

Navigant stressed that as sensor technology improves and costs decrease, smart city technologies are becoming more efficient, higher performing, and cheaper than ever before.

According to the research firm, new projects have been added to its database that show continued investment in open data platforms, smart grid technologies, networked LED street lights, urban mobility, energy efficient buildings, water management, and government service applications for smart cities.