Regional News

Smart cities to create ‘$2trn business’

May 2018

Smart cities are anticipated to create huge business opportunities with a market value of over $2 trillion by 2025, according to experts at Frost & Sullivan.

By 2050, over 80 per cent of the population in developed countries is expected to live in cities. This number is expected to be over 60 per cent for the developing world.

The creation of smart cities enables a smooth transition to urbanisation, with technological advances helping municipalities optimise resources for 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,” said Jillian Walker, Visionary Innovation principal consultant at the growth partnership firm.

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.

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