The smart city is a somewhat nebulous concept. There is no absolute definition, but rather a process or series of steps by which cities become more livable, resilient and able to respond quicker to new challenges.
In its latest report, IHS Technology defines a smart city as one that has deployed, or is currently piloting the integration of, information and communications technology (ICT) solutions across three or more sectors—energy, transport, physical infrastructure, governance and safety/security functions—to improve efficiency, manage complexity and enhance citizen quality of life. IHS expects there will be at least 88 smart cities worldwide by 2025, up from 21.
IHS forecasts annual investment on smart city projects will rise from the current $1 billion to $12 billion in 2025. Other smart city forecasts tend to be broader in their definitions. Navigant Research forecasts global smart city technology revenue will grow from $8.8 billion annually in 2014 to $27.5 billion in 2023, while Frost & Sullivan expects the global smart city market will be valued at $1.565 trillion in 2020.
While most analysts say...
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