According to analysis from Frost & Sullivan, post-pandemic, investment in smart projects like smart grids, autonomous vehicles, smart lighting and e-governance will gain traction.
Smart cities are forecast to create ‘significant’ business opportunities with a market value of $2.46 trillion by 2025, new analysis finds.
An uncertain post-pandemic situation, according to Frost & Sullivan, will compel smart cities to focus on developing collaborative, data-driven infrastructure to provide appropriate healthcare facilities as well as public security services.
Investments in smart initiatives are also expected to rise over the next two years. Smart cities have already invested in contact-tracing wearables and apps, open data platforms, autonomous drones, and crowd analytics to fight the pandemic, notes the research and consulting firm.
“Smart cities will focus on data-driven and connected infrastructure, which will lead to higher adoption of technologies like AI and 5G,” said Malabika Mandal, visionary innovation group industry analyst at Frost & Sullivan.
“They will prioritise more digitalised services and a strong data analytics infrastructure, leading to increased spending toward technology.”
“Now more than ever, the strategy of being technology-first, optimistic, and focused on ‘smart’ is critical”
Post-pandemic, investment in smart projects like smart grids, intelligent traffic management, autonomous vehicles, smart lighting, e-governance services and data-enabled public safety and security will gain traction.
Frost & Sullivan’s key findings on smart cities include:
“Now more than ever, the strategy of being technology-first, optimistic, and focused on ‘smart’ is critical. While Covid-19 has largely been a health crisis, it has disrupted city ecosystems and infrastructure tremendously,” added Archana Vidyasekar, visionary innovation group industry analyst at Frost & Sullivan.
“Smart technologies offer innovative solutions that can reverse the damage and bring some respite, if not normalcy. For instance, digital contact-tracing can play a critical role in empowering citizens with knowledge of Covid-impacted areas and promote safer urban movement.”
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