Smart city projects will create business opportunities with a market value of over $2 trillion by 2025, according to Frost & Sullivan.
Artificial Intelligence (AI), personalized healthcare, robotics, advanced driver assistance systems (ADAS), distributed energy generation and other five technologies will be the technological cornerstones of smart cities.
The Asia-Pacific region is anticipated to be the fastest-growing region in the smart energy space by 2025.
In Asia, more than 50 percent of smart cities will be in China. Smart city projects will generate $320 billion for China’s economy by 2025.
North America’s smart buildings market – including smart sensors, systems, hardware, controls, and software – will reach $5.74 billion in 2020.
Europe will have the largest number of smart city project investments globally.
European e-hailing market, central to cities developing smart mobility solutions, will reach $120 billion by 2025 from $50 billion currently.
Mexico City, Guadalajara, Bogota, Santiago, Buenos Aires and Rio de Janeiro are some of the smart city initiatives in Latin America. Brazil’s smart city projects will drive almost 20 percent of the overall $3.2 billion IoT revenue by 2021.
“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,” said Vijay Narayanan, Visionary Innovation Senior Research Analyst at Frost & Sullivan.
Jillian Walker, Visionary Innovation Principal Consultant at Frost & Sullivan, said AI plays a key role in smart cities in the areas of smart parking, smart mobility, the smart grid, adaptive signal control, and waste management. Google, IBM, and Microsoft, remain tech innovators and the primary drivers of AI adoption.
