Increased urban penetration coupled with rapid expansion of cities have resulted in a lot more dependence on resources such as water, energy, environment, infrastructure and other basic utilities. This has also resulted in spikes in congestion and pollution. Such stress on city resources has forced government institutions and municipalities to look at alternative means to managing cities. This has brought about a transformation moving toward smart solutions that are more sustainable, green, and resourceful. The future is all about smart city solutions with the market expected to attain a potential of $2.1 trillion by 2025. By scanning through numerous smart city projects, Frost & Sullivan has found critical parallels among them that were indicative as to what could potentially come under the broader gambit of being a smart city.
We define smart cities as those that are built on “Smart” and “Intelligent” solutions and technology that will lead to adoption of at least 5 out of the 8 following smart parameters, namely – Smart Citizen, Smart Governance/Education; Smart Healthcare; Smart Building; Smart Mobility; Smart Infrastructure; Smart Technology; Smart Energy, and Smart Citizen. Connectivity and innovative new solutions will gain more traction to alleviate the core challenges posed by urbanization. Such novel solutions will require cities to re-visit some of the existing city regulation framework and to create new funding mechanisms to support smart city solutions. The study “Smart city Perspective By Key Regions” looks to identify the major smart cities from a global perspective. It unearths the various global regulations and standards that govern smart cities, key policy areas and controls, funding channels and the opportunities that such cities are likely to create to smart city players and businesses from both a regional perspective and from a country perspective. From a policy stand point, policies surrounding data privacy, sustainable development - green initiatives, smart climate solutions and Infrastructure are some of the major polices critical to building smart cities.
Major questions that the study will answer are:
• Providing a historical perspective on smart cities
• Showcasing the addressable market for Global Smart Cities market from both a region and vertical perspective
• Showcasing local industry strengths and restraints by region and by country
• Identifying new opportunities for businesses looking to enter the smart city market
• Global standards that govern the smart cities market