Smart cities are on their way. A CAGR of 20.5 percent is likely to drive the global smart city market to $2.5 trillion by 2025.
FREMONT, CA: Smart cities are imminent. According to the latest research, the worldwide smart cities market will develop at a CAGR of 20.5 percent and reach $2.5 trillion by 2025. The global investment in direct digital transformation will reach $6.8 trillion by 2025, and in 2022, 40 percent of cities will use digital space-planning tools.
Numerous international organizations have released reports, frameworks, strategic roadmaps, and playbooks to guide important stakeholders in planning and constructing urban environments for future generations. Business executives and government officials must undergo a digital transformation to construct smart cities and enhance the quality of life for their residents. Emerging technologies like blockchain, artificial intelligence, 5G and 6G networks, and edge computing are vital for effectively deploying smart cities.
TRENDS IN SMART CITY TECHNOLOGY DEPLOYMENTS
Many analysts believe that Big Data will be crucial in the next industrial revolution. Cloud storage will account for 50 percent of worldwide data storage by 2025. People are also observing other exciting trends, like blockchain technology, next-generation computing, and artificial intelligence-powered platforms, which have expanded dramatically during the epidemic and will grow at excellent CAGRs over the coming years. Some nations have successfully installed 5G networks and are currently deploying 6G networks. People are also observing an exponential rise in virtual and augmented reality technology across many businesses with the introduction of the metaverse and omniverse.
OPPORTUNITIES
Global Data Exchanges: The Covid-19 outbreak has vividly and cruelly illustrated the perils of working in isolation. Experts from the World Economic Forum propose that global data governance and exchanges should be at the center of smart city ecosystems.
The smart city transformation will require entrepreneurs to establish new business models based on innovation and partnerships relevant to the digital age.
Education: Digital innovation and transformation in constructing smart cities necessitate a radical rethinking of our global education system to prepare the future workforce. This can be achieved by implementing innovative education delivery mechanisms, courses, and certifications. Global digitization, automation, and virtualization are already causing a seismic upheaval in employee training and development. Currently, upskilling and reskilling are of paramount importance to company leaders.
Digital Ethics: Designing proactive digital ethics initiatives is essential for the upcoming industrial revolution. Customized digital ethics frameworks for deploying developing technologies in smart cities will promote diversity, inclusivity, and sustainability while mitigating cyber ethical challenges unique to smart urban living ecosystems.
