The rapid development of technology is bringing along a change in how we perceive cities. All across the world, governments are embarking on new projects to make their cities smarter. The total number of smart city projects being developed is increasing. Moreover, cities are pursuing higher levels and the greater variety of integration of technology-driven city services and solutions.

Smart Cities are a Global Phenomenon

Due to the notable projects across the world, it can be said that the development of smart cities is a truly global phenomenon. Navigant Research as recently released a report that provides a better insight and assessment in this matter. The Smart City Tracker 1Q17 report focusses on five key industry sectors that are related to smart cities. The report looks into smart energy, smart water, smart transportation, smart buildings and smart government. Besides these five key industry sectors, it also takes a look at projects that address multiple aspects of city operations.

This report provides an insight into how the government is seeing the benefits of the creation of smart cities. Furthermore, smart cities are also improving economic opportunities, sustainability and the overall quality of life. According to the Smart City Tracker 1Q17 report, the global market for smart city solutions is expected to grow from $40.1 billion in 2017 to $97.9 billion in 2026. Which is a considerable growth.

Worldwide Development of Smart Cities

According to the Smart City Tracker 1Q17, there are more than 250 smart city projects across 178 cities around the world. Undoubtedly, this can be considered a great development.
Moreover, the report also looks into the nature of these projects. It shows that out of the 250 tracked smart city projects, the majority of the projects are smart-government-ted (40%) and smart energy projects come as second (27%). Furthermore, smart transportation (18%), smart buildings (11%) and smart water (4%). In fact, these outcomes are very interesting. Especially since most of these projects being tracked in Europe, Asia in second and North America in the third position.

“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,” says Christina Jung, research analyst with Navigant Research. “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.”

Sensor Technology

In addition, the developments in the sensor technology industry are also having an impact on smart cities. According to the report, there has been a significant improvement in sensor technology. Moreover, the development of this technology is also making it cheaper. This is causing smart cities to become more efficient, achieve higher performance and most importantly for a cheaper price than ever before.Importantly, this is playing a major role in the expected growth of the industry.

This report provides the reader with a deep insight into the smart city industry and its key developments. It provides a good overview of the main five industry sectors that are related to smart cities. Moreover, a deep assessment of the current state of the development of smart cities around the globe. Besides, it also provides an insight on the future of this industry. In fact, it provides a good insight on the industry, its trends, priorities, suppliers, and the financing models. This report is a good insight on the prospects that the development of smart cities has to offer to all the involved parties.