Smart City ICT revenues are forecast to reach $977 Billion by 2022

The worldwide population shift to urban centers is spurring the adoption of “Smart Cities” to maximize the efficiency of crucial resources like utilities, water supply and transportation services. These cities of the future 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.

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 forurban customers. ‘Smart water’ offers effective end-to-end monitoring and control for an increasingly valuable resource. Water utility companies using smarter solutions could save between $7.1Billion and $12.5 Billion each year, engaging multiple IoT vendors, the SA report found.

Source: Strategy Analytics

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