The Global Market for Smart Street Solutions Expected To Boom
Deployment of smart street technologies set to take off as cities recognize the value of the Internet of Things, report finds
A new report from Navigant Research highlights the impact of smart street management technologies on city operations, including street lighting, urban mobility, waste collection, and public safety, with global market forecasts, through 2024.
Technology is changing the way city streets are used, experienced, and managed, transforming them from points of physical connection to networked landscapes that enable a range of service innovations. Click to tweet: According to a new report from Navigant Research, the global market for smart street solutions will grow from $552.2 million in 2015 to $5.3 billion by 2024.
“City streets are becoming an important space for the emergence of the Internet of Things as a new digital landscape of connected devices,” says Eric Woods, research director with Navigant Research. “The ability to collect, manage, and analyze data from multiple sources is becoming a critical element in new approaches to city management, as well as in the provision of better information to residents, visitors, and businesses.”
Navigant Research expects gradual growth in the number of full-scale deployments of smart street technologies over the next two years or so, followed by an acceleration in the number of devices and systems as cities look to exploit their initial investments and create opportunities for new applications and services. The growth in network capabilities, according to the report, including 4G, 5G, and low-power networks, and the increasing interoperability across networks will help drive the evolution of this new digital overlay for city streets.
The report, Smart Street Management, analyzes the global market for smart street management technologies, including smart solutions for street lighting, urban mobility, waste collection, and public safety. The study investigates the key market drivers, barriers, and regional trends associated with smart street management, as well as the emergence of new city management platforms. Global market forecasts of the smart street management technology market, segmented by region and service area (street management, street safety, and street mobility), extend through 2024. The report also examines smart street and smart city case studies and the competitive landscape related to smart street solutions. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on industries and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services sectors. Across our range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Smart Street Management, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.