Global smart city technology revenue will grow from $8.8 billion annually in 2014 to $27.5 billion in 2023, as cities around the world embrace smart city technology to meet sustainability goals, boost local economies and improve services, according to a report by Navigant Research.
The report notes that developments in areas such as wireless communications, sensor networks, geospatial analysis, mobile computing, data analytics and cloud computing are assisting in the development of smart city technologies to address issues such as energy management, water management, urban mobility, street lighting and public safety.
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