Smart City ICT revenues to reach $977 billion by 2022

Smart City ICT revenues
Urban Smart City ICT revenues will reach $977 billion by 2022, said Strategy Analytics.

Smart City projects will maximize the efficiency of crucial resources like utilities, water supply and transportation services as these cities of the future will combine and leverage Internet of Things (IoT) and ICT.

Currently, about one million people are added each week to the world’s cities, according to Strategy Analytics report called The Future of Smart Cities – Opportunities, Solutions and Players.

North America and Europe will dominate urban ICT revenue by 2022, with Asia-Pacific the fastest growing market. Smart Health, Smart Infrastructure and Smart Government represent the largest ICT opportunities.

City infrastructures grow more slowly than the population they seek to serve, but faster than the city’s land area, said Andrew Brown, Executive Director of Enterprise and IoT research at Strategy Analytics.

Parking sensors, for example, can together with traffic management platforms and big data warn of, and ward off, inner city traffic congestion before it becomes unmanageable. Smart street lighting can be set to operate only when there are people nearby who need it. The smart lamp-post itself can become a sensor platform for other services such as surveillance or smart parking.

Smart grids can play a vital part in controlling urban energy supply and demand. Water utility companies using smarter solutions could save between $7.1 billion and $12.5 billion each year, engaging multiple IoT vendors.

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