You are viewing 1 of 2 articles without an email address.


All our articles are free to read, but complete your details for free access to full site!

Already a Member?
Login Join us now

Smart cities predicted to create growth opportunities worth $2.46 trillion by 2025

Frost & Sullivan analysts are calling on technology leaders to assess the emerging opportunities resulting from Covid-19 and innovate to build company-, society-, and consumer resilience.

 

LinkedInTwitterFacebook
Smart cities is highlighted as one of the megatrends in the Frost & Sullivan analysis
Smart cities is highlighted as one of the megatrends in the Frost & Sullivan analysis

Smart cities are highlighted as one of nine key trends capable of generating growth opportunities from Covid-19, according to a study by Frost & Sullivan.

 

Its analysis predicts that the sector could generate significant business opportunities with a market value of $2.46 trillion by 2025. Among the others listed are connected living, connected work, human augmentation and digital health.

 

Immediate action required

 

The growth strategy consulting and research firm reckons the pandemic’s negative impact on the global economy means that immediate action is critical and it is calling on technology leaders to assess the emerging opportunities resulting from the coronavirus and innovate to build company, society, and consumer resilience.

 

“From transformative megatrends to geopolitical chaos, there are several factors making it increasingly difficult to grow,” said Murali Krishnan, visionary innovation group senior industry analyst at Frost & Sullivan.

 

He continued: “In the near term, companies should focus on diversifying supply chains and leveraging new opportunities arising from changing customer demands. In the long term, it is important to internally adapt to new technologies that support workplace and operational continuity to have a smoother transformation during recovery.”

 

The nine key trends highlighted in The Reshaping of Industries Caused by Covid-19 analysis are:

 

Connected living: the increased adoption of contactless surfaces post-pandemic will power the home automation and security markets. Systems encompassing voice activation technology will become increasingly popular among consumers

 

Connected work: reformed connected work scenarios will accentuate the need for “cloud everything”. New subscription-based models will witness a growing demand for unified-communications-as-a-service (UCaaS)

 

Digital health: digital health driven by telemedicine and robotic care will become the new standard of care delivery. Standardisation of service across the care continuum will require more service and technology providers

 

Geopolitical balance: countries should work together to keep trade flowing and ensure the supply of essential products, sending a signal of confidence to the global economy

“In the long term, it is important to internally adapt to new technologies that support workplace and operational continuity to have a smoother transformation during recovery”

Human augmentation: the behavioural analytics market is expected to reach $3bn in revenue in 2030, up from $230m in 2019. Post-Covid-19, behavioural data will be used to enhance healthcare systems, financial services, and cybersecurity

 

Lights-out operations: autonomous “lights-out” operations will propel the demand for remote asset management solutions, and service providers will focus on data management strategies and data-driven business models

 

Smart cities: smart cities will create business opportunities with a market value of $2.46 trillion by 2025. Smart cities will prioritise more digitalised services and a strong data analytics infrastructure, leading to increased spending on technology

 

Supply chain optimisation: the supply chain industry is creating radical innovations with augmented reality, virtual reality, advanced robotics, real-time inventory tracking, and exploring how 3D printing could completely disrupt the supply chain in the next 10 years

 

Technology advancements: pandemic preparedness will speed up the deployment of artificial intelligence (AI) solutions and accelerate AI innovation. Beyond specific disease management, post-pandemic economies also will rely on AI and machine learning (ML) tools to expedite digital transformation across key business initiatives.

 

“The shift in focus on cost optimisation and on avoiding further production losses post-Covid-19 has accelerated the adoption of automation and industrial robots across various industries,” added Chaitanya Habib, visionary innovation group research analyst. “As a result, the global industrial robotics market is expected to grow from $44.6bn in 2020 to $73bn in the next five years, with increasing FDA approval and patent activity.”

 

You might also like:

LinkedInTwitterFacebook