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Research predicts global market for ‘smart city’ communication networks to reach $13.4bn

A comprehensive report compiled by Navigant Research has projected that the global market for smart city communication networks is set to increase annually from $ in 2018 to $13.4bn by 2027.

The report which was entitled ‘Smart City Communication Networks Market Overview' analyses the challenges and opportunities for smart city communications networks which focus on five main sectors which are smart energy, smart water, smart mobility, smart buildings and smart government.

The primary objective of the report is to explore market issues and the dynamics that are associated with smart city communications and covers the viewpoint of communication service providers, communication infrastructure vendors, IT vendors, and city governments.

As the global smart city market continues to evolve and mature, there is a growing focus on underlying communication networks that are presenting more options for a variety of use cases that have specific connectivity needs.

The report also highlighted how with the Internet of Things expected to expand over the next 10 years, the market research and benchmarking services firm stresses the need for continued evolution of these networks and increasing interest in emerging cellular offerings such as 5G networks, narrowband IoT (NB-IoT), and LTE-Cat-M1.

Senior research analyst at Navigant Research, Ryan Citron said it is imperative to have diversification in relation to communication networks as different cities have different connectivity requirements.

He said, "Ultimately, cities will need several different types of communication networks to execute on any comprehensive smart city strategy.  While there will be space in the market for many connectivity options to coexist, all stakeholders should recognize the importance that 5G networks will take on in the coming decades, particularly if emerging low power cellular options are recognized as part of the 5G portfolio."

In addition to this, the report also examines the key communication technologies that are specifically related to smart city communication infrastructure - as well as the competitive landscape and includes global market forecasts, segmented by region and industry sector that extend through to 2027.