Smart Cities Market Over $2 Trillion by 2025 with AI, personalized healthcare, robotics and distributed energy generation among technologies that will drive growth, efficiency, connectivity, and urbanization.
By 2050, over 80% of the population in developed countries is expected to live in cities. This number is expected to be over 60% for the developing world.
The creation of smart cities enables a smooth transition to urbanization, with technological advances helping municipalities optimize resources for maximum value to the population, whether that value is financial, savings in time, or improvement in quality of life.
“Artificial Intelligence (AI) has been the most funded technology innovation space in the past two years, with large investments coming from independent and corporate venture capital companies,” explained Jillian Walker, Visionary Innovation Principal Consultant at Frost & Sullivan.
North America (NA) has has cities such as Denver and Portland committed to building their smart city portfolios.
The total NA smart buildings market, comprising the total value of smart sensors, systems, hardware, controls, and software sold, is projected to reach $5.74 billion in 2020.
“Currently most smart city models provide solutions in silos and are not interconnected. The future is moving toward integrated solutions that connect all verticals within a single platform. IoT is already paving the way to allow for such solutions,” added Vijay Narayanan, Visionary Innovation Senior Research Analyst at Frost & Sullivan.