Global spending on technologies for the advancement of Smart Cities will reach $80 billion by the end of 2018 and increase progressively to $135 billion by 2021, according to a recent research. This investment aims to develop the technology needed to make today’s cities more efficient and become smart cities.
Investment in smart cities is increasing, evolving from small projects to the big technology market opportunity
The Smart Cities have gone from being a discreet group of projects to leading a significant technological investment from now on, and many countries of the world take part on this trend.
As a result, the digital transformation will reach cities of all types and sizes, although the level of investment will be higher or lower depending on the region in which it takes place.
The idea behind the Smart Cities is the digital transformation of urban ecosystems to meet a series of environmental, financial and social objectives. This would be happening thanks to the coordination of several smart technologies designed take advantage of the technological investments made in a specific city.
In order to achieve this, common platforms are used to minimize maintenance costs and the time spent.
Smart Cities investment priorities vary by country
The main objectives in which it is intended to invest are diverse, including interconnected transport and efficient mobility, public data security, smart energy production and use, and smart infrastructures. Of these, most of the investment goes to interconnected transport and sustainable mobility, followed by smart outdoor lighting and environmental monitoring.
However, not all countries have the same priorities, as significant differences in investment priorities differ from one region to another.
The United States, Japan, and Europe put interconnected transport and mobility on the first plane, while China invests more in mixed video surveillance systems.
Additionally, Japan will also invest lots of money in environmental monitoring.
The United States will invest $22 billion and China $21 billion of the $80 billion global investment, making these two countries the largest markets for Smart Cities.