Smart Cities to Contribute to $1.6 Trillion Market by 2020 (2/26/14)
Wednesday, February 26, 2014 | Comments

According to Frost & Sullivan, smart cities are anticipated to create huge business opportunities across different industries with a total market value of $1.565 trillion by 2020.

The smart city concept has been developed to address all upcoming urban challenges by implementing modern infrastructure enabling "smart" and "intelligent" solutions and technologies in cities. A smart city concept in this context encompasses a number of smart products characterized by an intelligent sensing technology that is increasingly being integrated with Internet technologies, allowing the product to react to and communicate with the changing environment around it. This leads to optimal operations and improvement in efficiency, the market research firm said.

The smart city as a complex concept includes several basic parameters, such as smart energy, buildings, mobility, healthcare, infrastructure, technology, governance and education, as well as smart citizens. Smart energy, for example, is a trend that ensures efficient, intelligent power consumption and management within an urban community. Global cities will only function through the installation of both a smart grid and a form of energy storage. The impact of energy storage in a smart city is expected to be felt most strongly in the United States and Europe, followed by the Asia/Pacific region.

Smart technology is another important parameter for the smart city development. Technologies such as smart metering, wireless sensor networks, open platforms, high-speed broadband and cloud computing are key building blocks of the smart city infrastructure. The deployment of new technologies for the creation of smart cities is gaining a strong momentum in Europe; this is accentuated by the numerous pilot projects running at regional, country and EU levels.

Citizens' mobility and traffic conditions are usually the biggest problems in urban cities. Mobility projects, including intelligent transport systems (eco-navigation traffic signal control systems, parking guidance and information systems, efficient passing of intersections), charging infrastructure for electric vehicles, and traffic and travel Web-based services, will help to improve traffic situations. Increasing demands in environmentally friendly solutions will further benefit electric vehicles in the long term.

"Frost & Sullivan believes that the smart city concept is the future of every modern urbanized city,” said Sales Manager Maxim Perevezentsev. “Every smart city has a unique number of features and characteristics, as well as unique business opportunities. Companies in the smart city space will not only partner and converge among themselves to offer smart capabilities but will also start converging with different participants in the ecosystem. This will open multiple growth opportunities across all industries.”

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