Comment on Smart city revenues skyrocket; core problems remain

A new research report predicts that annual revenues from smart city projects will grow to nearly $89 billion by 2025. However, it found most smart city initiatives are focusing on solving peripheral issues, with few big projects tackling core city problems. Navigant’s “Smart Cities” report, annual smart city revenue is expected to grow to $88.7 billion worldwide by 2025 from $36.8 billion in 2016. “During the next two years, the adoption of smart city solutions is expected accelerate as the spread of the Internet of Things provides further momentum,” said the release. “As city leaders around the world continue to commit to smart city objectives to meet social, economic, and environmental challenges, national governments are also encouraging cities to become centers of innovation and drivers of sustainable growth.” Revenues driven from five key areas The report examined growth of the smart market with a focus on five key industries that include government, buildings, energy, mobility and water.