February 16, 2016 9:49 pm | Updated 2 years ago.
According to a prediction by Markets and Markets, the things that make smart cities will see a rise from $52 billion in 2015 to $ 148 billion by 2020. The increase in demand for products and services from IoT vendors are bolstering this growth. Almost 200 smart city projects are in progress around the world.
The Internet of Thing market in the smart city segment will be dominated by North America, as all its projects are being funded by the US government. The basic components of the smart city include buildings, utilities and transport and road infrastructure. One of the key areas for growth is location analytics. This is important as it can be used by marketers to track customers. Smart cities will boast of the same technologies in almost every home like a smart meter, smart appliances and smart plugs.
A smart city will not come up overnight as there are innumerable concerns like security that needs to be closely monitored.
Date of Publication: February 16, 2016