Annual Smart City Services Market is Expected to Exceed $225 Billion by 2026

smartcityA new report from Navigant Research analyzes the global smart city services market, detailing the approaches cities are taking to partnerships with private sector companies and providing case studies of smart city services projects in each major world region.

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 personalized and responsive services. However, 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. According to the report, the global smart city services market is expected to grow from $93.5 billion in 2017 to $225.5 billion by 2026.

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, says 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.

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

The report, Smart City Services Market, examines the state of the global smart city services market, with a focus on three sectors: energy, mobility, and public services. The study 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. Global revenue forecasts, segmented by region and sector, extend through 2026. The report also examines the key market issues and business models used to fund smart city services projects, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.

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