IfG.CC -
Institute for eGovernment

By integrating technology and infrastructure, smart cities are attracting investors with their potential for improved quality of life, efficient resource management, and innovative urban development projects.

A smart city uses digital technology to enhance performance and well-being and reduce costs and resource consumption. It includes implementing Internet of Things (IoT) devices, advanced connectivity, and data analytics to improve urban infrastructure, services and quality of life.

Globally, the smart cities market is expected to reach US$2.5 trillion by 2025.

Although the concept of smart cities has been around for quite a while, municipal organizations and government agencies are only now beginning to mobilize budgets and make relevant investments.

In Australia, for example, the Minister for Cities, Urban Infrastructure, and Population Alan Tudge recently made news for funding a series of smart city initiatives leveraging more than 100 IoT-powered sensors to make public spaces safer.

China has seen a boom in internet-related industries and the digital economy amid the COVID-19 epidemic, a report on China’s internet development showed.

Users of internet applications such as online shopping, online videos, online education, e-government services and online payment had grown significantly during the epidemic, according to the report released Tuesday by the China Internet Network Information Center.

The trend of e-commerce development differs between slow-growing regions and developed regions.

Hanoi and Ho Chi Minh City continue to lead Vietnam e-business index 2021 (EBI 2021), according to the latest report released on April 20 by the Vietnam E-commerce Association (VECOM) in Hanoi.

Many also agree that e-business could help Jordanian companies transcend Jordan's limited space and population and expand their businesses to regional and international levels.

A Surge in Innovation and Growth Through 2030

Portugal’s smart cities market is on a significant upward trajectory, fueled by substantial investments and strategic initiatives aimed at transforming urban living. The sector is set to experience remarkable growth over the coming years, driven by funding from the European Regional Development Fund (ERDF) and other key investments in digital and green technologies.

The global smart cities market size is expected to reach $3,728,3-billion by 2030, registering a CAGR of 25,8% from 2023 to 2030, according to a new report by Grand View Research which says the market growth can be attributed to rapid favourable government initiatives worldwide and emerging technologies such as artificial intelligence (AI), cybersecurity, big data analytics, and the Internet of Things (IoT).

This has encouraged several countries to invest in smart city projects to manage infrastructure and assets. Further, the increasing adoption of electric vehicles (EVs) has also created a demand for the development of charging infrastructure in cities globally. Due to this, it provides energy storage and creates new revenue streams from EV batteries. These benefits will further boost the smart cities market’s growth during the forecast period.

Leveraging technology to improve residents’ quality of life

As cities across the globe strive to become more efficient, sustainable, and livable, the integration of financial technology (fintech) into the fabric of urban life is becoming increasingly important. Fintech is not only reshaping the financial industry but also playing a pivotal role in the development of smart cities – urban areas that leverage technology to improve the quality of life for their residents. Doctor of Science and Blackcatcard CTO Olegs Cernisevs’ doctoral research provides insights into how fintech can be seamlessly integrated into smart city initiatives, offering practical examples and forward-thinking applications.

More than 70% of global smart city spending by 2030 will be from the United States, Western Europe, and China.

The uncertain post-pandemic situation will compel smart cities to focus more on developing collaborative, data-driven infrastructure to provide appropriate healthcare facilities as well as public security services. They will create significant business opportunities with a market value of $2.46 trillion by 2025.

Report says it will grow at an annual rate of 28 per cent as climate challenges increase, IoT devices grow and cities become familiar with AI system outcomes.

The market for smart city artificial intelligence (AI) and predictive analytics platforms will reach $6.5bn by 2032, up from $693m today, according to a report.

It represents a compound annual growth rate of more than 28 per cent. There remain barriers to entry though, chiefly municipal procurement practices, privacy and cybersecurity concerns.

Research from Guidehuse Insights contends smart city innovation will be driven by the intersection of social, environmental, and economic urban challenges.

The global smart city technology market is expected to grow from approximately $121.1bn in annual revenue in 2023 to $301.2bn by 2032 at a compound annual growth rate of 10.7 per cent.

Smart city technologies are expected to become a $100 billion industry in 2024 as more and more cities look for innovative solutions for urban challenges, a new report showed on Wednesday.

According to data presented by Stocklytics.com, the market size of smart city technologies has increased by an impressive 140 per cent over the past five years. Smart cities use the Internet of Things (IoT) and various software, user interfaces, and communication networks to deliver connected, innovative solutions for urban challenges, from public and cybersecurity threats, traffic congestion and energy management to e-governance.

Secondly, ICT often tends to lower the cost of setting up small enterprises thus, potentially, providing for additional competition. Thirdly, ICT creates the opportunity for new co-operative means of product and service delivery potentially leading to improved quality and cost efficiency. Finally, and perhaps most importantly, ICT gives rise to many new products and services.

The Road Show, which Kicked off at Dubai Municipality, aims to encourage online payments for government transactions through the Prepaid Card and runs from April 22 to May 17, 2007.

Panelists at CES discussed the future of smart cities and the related business opportunities for entrepreneurs.

Entrepreneurs are making cities smarter and more sustainable, and there's still time for more founders to get in on this very important work.

As Vietnamese enterprises are facing difficulties due to the COVID-19 pandemic, online trading is considered a "tool" to help them turn the situation around, and at the same time opening up many opportunities for businesses to join the global supply chain.

Viettel Post Joint Stock Corporation (Viettel Post) is an example. It has promptly seized the opportunity to successfully deploy the Voso.vn e-commerce platform with the goal of "promoting Vietnamese agricultural products, turning farm produce into specialties."