The Market value of the Global Smart Cities Sector attained a value of USD 466,956.35 Million in 2020
The Sector recorded a historical growth (CAGR) of 2.92 % between 2017 to 2020, and is expected to grow by...
GlobalData projects the Sector to grow at a CAGR of ...
The Market value of the Global Smart Cities Sector continuous to grow in 2020
The market value of the Global Smart Cities sector has grown significantly between 2017-2020, the market value recorded a low-single-digit YoY growth in 2020.
What is smart city?
A smart city uses connected sensors to enhance the quality and performance of urban services, such as transport and utilities, to make the city function more efficiently.
Cities will need to become smart in how they use technologies, both existing and new, such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML). Effective analysis of smart city data offers the prospect of automated infrastructure, where a city can use its data to benefit its people.
Smart city and automation
AI and ML, for example, will help to find more efficient ways of allocating energy, improve the efficiency of water pipes, sewage, and utilities, and monitor them to predict and reduce maintenance requirements. Such technologies will also apply to the flow of transport and people, and be used in providing planning controls and transportation routes to reduce CO2 emissions. 5G communications, if the hype is justified, will also play an important role in smart cities.
Smart city and platforms
Smart city platforms are the backbone of smart cities. They offer a means of merging several different projects into one overarching governance structure, which in turn relies on several smart city applications. These include, for example, solutions that support smart building controls, transportation pricing and payments, crime and incident response in the city, or environmental monitoring.
Smart laws for smart cities
As smart cities mature, regulation must keep up. Yet the law rarely reacts quickly to new technology. Effective governance is critical for smart cities’ development, not least to retain the support of citizens (especially as it is mainly their data that is being used). Governance differs from city to city. Establishing legislation for a concept like smart cities may be difficult. Each problem being tackled, in different geopolitical locations and cultures, will require different local laws.
Are all smart cities same?
Each city is different. Each has different approaches to governance, democratic engagement, citizen engagement, service delivery, and infrastructure provision. Each city also has its own unique culture. Consequently, every city will adopt smart technology in different ways. However, a unifying factor is that most value will be delivered by integrating individual services in an overarching platform. Typically, multiple systems produce discrete data silos. Integrated silos provide a coherent, systemic city view.
Smart city prospects
Smart cities’ future infrastructure will rely on the analysis of data relayed by the sensors in buildings, infrastructure, transportation, and power grids, enabling city authorities to make critical decisions in real-time. The foundation will be smart city applications and platforms, whose governance, agility, and flexibility will be what makes a smart city smart.
United States of America
United States of America
United States of America
United States of America
South Korea
China
United States of America
United States of America
United States of America
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