Smart city initiatives will contribute $977 billion in ICT revenues by 2022, says Strategy Analytics.
These initiatives will combine and leverage Internet of Things (IoT) and Information and Communications (ICT).
The study reveals that 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.
A typical application of ICT in smart cities can be found in parking sensors which are supported by traffic management platforms and big data to warn of, and ward off, inner city traffic congestion before it becomes unmanageable.
Smart street lighting is another way to use ICT to save energy costs. The smart lamp-post also 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. At the same time, utilities are seeking to reinvent themselves to be service providers for
‘Smart water’ offers effective end-to-end monitoring and control for an increasingly valuable resource. Water utility companies using smarter solutions could save between $7.1 billion and $12.5 billion each year, engaging multiple IoT vendors, the report said.
Source: Strategy Analytics