Smart cities will create more than $2025 trillion in business opportunities by 2

According to global corporate growth consulting firm Frost & Sullivan (Frost & Sullivan), smart cities will create huge business opportunities, creating more than $2 trillion
in value by 2025.

Smart cities will create more than $2 trillion in business opportunities by 2025

By 2050, more than 80 per cent of the population in developed countries is expected to live in cities, compared with more than 60 per cent
in developing countries.

The creation of smart cities ensures a smooth transition to urbanization, and technological advances help cities optimize resources and maximize value for people, whether that value is financial, time-saving, or improving quality of life
.

"AI has been the most funded area for technological innovation in the past two years, with significant investment coming from independent and corporate venture capital firms
.
" Jillian Walker, principal consultant at Sullivan's Visionary Innovation,
explains.

AI plays an important role
in areas such as smart parking, smart mobility, smart grid, adaptive signal control, and waste management in smart cities.
Large companies such as Google, IBM, and Microsoft remain key technology innovators and major drivers
of AI adoption.

Other key findings include:

Artificial intelligence, personalized healthcare, robotics, advanced driver assistance systems, distributed generation, and five other technologies are considered the technological cornerstones
of the smart city of the future.

By 2025, Asia Pacific is expected to be the fastest growing region
in the smart energy sector.
In Asia, more than 50% of smart cities will be located in China
.
By 2025, smart city projects will create $320 billion in value
for China's economy.

The North American market has been catching up quickly, with many second-tier cities such as Denver and Portland promising smart cities
.
The total value of the North American smart building market, including smart sensors, systems, hardware, control and sales software, will reach $5.
74 billion
by 2020.

Given the European Commission's involvement in developing these initiatives, Europe will have the largest investment
in smart city projects globally.
The European ride-hailing market is a hub for smart mobility solutions for urban development, with revenues currently reaching $50 billion and $120 billion
by 2025.

In Latin America, cities that are actively developing smart city initiatives include: Mexico City, Guadalajara, Bogotá, Santiago, Buenos Aires and Rio de Janeiro
.
In Brazil, smart city projects will account for nearly 20%
of the total $3.
2 billion in IoT revenue by 2021.

"Currently, most smart city models offer stand-alone solutions that are not interconnected
.
The future is moving towards integrated solutions that connect everything vertically within a single platform
.
The Internet of Things has paved the way
for such a solution.
Vijay Narayanan, senior research analyst at Sullivan's Visionary Innovation, added
.

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