Studies show that by 2023, annual investments in smart city programs and solutions will reach USD 900 billion and the installed base of smart will exceed 45 million. Let’s highlight the key market drivers fueling this Smart City application growth.
A preliminary requirement for a Smart City investment is sustainability. The technologies used to operate these cities must enable clean energy initiatives to create a greener, more environmentally‑friendly city that successfully meets energy, emission, and waste reduction goals. Examples include optimization of pickup routes in waste management, parking systems to reduce driving time in search for an available spot, emissions sensors, and street lighting solutions that respond to current environmental conditions.
Ranging from traffic situation monitoring and responsiveness to improved lighting solutions and video surveillance at main intersections, public safety initiatives can lower crime and reduce traffic incidents.
By implementing wireless and positioning technologies, a Smart City enjoys many cost savings:
- Long deployments — Smart City devices can be remotely monitored and receive critical security and firmware updates over the air (FOTA) long after they are installed, ensuring that the infrastructure remains safe as well as reducing cost and eliminating the need to update devices individually
- Lower maintenance — Devices can be monitored remotely, reducing expenditures for maintenance workers that have to be sent out to visually inspect equipment or record utility meter data
- Reduced energy expenditures — Smart City applications lower power consumption for municipalities. Examples include adaptive street lighting that can respond via sensors to environmental or traffic conditions and route optimizations for city vehicles
- Reduced wear & tear — Data captured by Smart City technologies can be used to manage city assets more effectively when and where they are most needed