Smart city ICT revenues seen at $977bn by 2022

strategy_analytics720According to a report by the research firm Strategy Analytics, urban smart city ICT revenues will reach USD 977 billion by 2022.

Smart city projects will maximise the efficiency of crucial resources such as water supply and transportation services as these cities of the future will combine and leverage Internet of Things (IoT) and ICT.

As per a Strategy Analytics report called ‘The Future of Smart Cities- Opportunities, Solutions and Players’, “Each week around one million people are added to the world’s cities.”

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

Smart grids can play a vital part in controlling the supply and demand of urban energy. Also, by engaging several IoT vendors and using smarter solutions, water-utility companies could save between USD 7.1 billion and USD 12.5 billion every year.

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