The global Smart Cities market is expected to grow from $411.31 billion in 2014 to $1,134.84 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 22.5% during the forecast period of 2014–2019

• By: marketsandmarkets.com
• Publishing Date: January 2015
• Report Code: TC 3071

Smart city is a concept aimed to provide a set of new generation services and infrastructure with the help of information and communication technologies (ICT). Smart cities are differentiated in terms of their governance, technological advances, economic benefits, and social and environmental standards. Globally, there are about 700 cities, each with population exceeding 500,000 and are growing with a faster rate than the average urban growth. This opens up the market for industry players to grow their business in new and emerging smart cities. The infrastructure investment for these cities is forecasted to be $30 trillion to $40 trillion, cumulatively, over the next 20 years.

Definitions:

• Smart Cities Council: “A smart city is one that has digital technology embedded across all city functions.”
• Frost & Sullivan: “We identified eight key aspects that define a Smart City: smart governance, smart energy, smart building, smart mobility, smart infrastructure, smart technology, and smart healthcare and smart citizen.”
• IEEE Smart Cities: “A smart city brings together technology, government and society to enable the following characteristics: smart cities, a smart economy, smart mobility, a smart environment, smart people, smart living, and smart governance.”
• Business Dictionary: “A developed urban area that creates sustainable economic development and high quality of life by excelling in multiple key areas; economy, mobility, environment, people, living, and government. Excelling in these key areas can be done so through strong human capital, social capital, and/or ICT infrastructure.”
• British Government: “The concept is not static, there is no absolute definition of a smart city, no end point, but rather a process, or series of steps, by which cities become more 'livable' and resilient and, hence, able to respond quicker to new challenges.”

Characteristics:

It has been suggested that a smart city uses information and communication technologies (ICTs) to:

• Uses physical infrastructure (roads, built environment and other physical assets) more efficiently supporting strong and healthy economic, social, cultural development.
• Is able to being able to learn, adapt and innovate and can responds more effectively and promptly to changing circumstances.
• Engages effectively with local people in local governance and decision by use of open innovation processes and e-participation with emphasis placed on citizen participation and co-design.
• Makes good use of the creative industries, supported by strong knowledge and social networks, voluntary organizations in a low-crime setting to achieve these aims.

Applications:

• Infrastructure Management: Monitoring and controlling operations of urban and rural infrastructures like airports, bridges, LNG facilities, Amtrak stations, commuter rail stations, heavy rail stations and light rail stations are a key application of the Industrial  IoT (IIoT) and M2M. The Industrial IoT (IIoT) infrastructure can be used for monitoring any events or changes in structural conditions that can compromise safety and increase risk. It can also be utilized for scheduling repair and maintenance activities in an efficient manner, by coordinating tasks between different service providers and users of these facilities. Industrial  IoT (IIoT) devices can also be used to control critical infrastructure like bridges to provide access to ships. Usage of Industrial  IoT (IIoT) devices for monitoring and operating infrastructure is likely to improve incident management and emergency response coordination, and quality of service, up-times and reduce costs of operation in all infrastructure related areas. Even areas such as waste management stand to benefit from automation and optimization that could be brought in by the  Industrial  IoT (IIoT).
• Building Automation: Industrial  IoT (IIoT) and M2M devices can be used to monitor and control the mechanical, electrical and electronic systems used in various types of buildings (e.g., public and private, industrial, institutions, or residential). Building automation systems are typically used to control lighting, heating, ventilation, air conditioning, appliances, communication systems, entertainment and home security devices to improve convenience, comfort, energy efficiency, and security.
• Energy Management: Integration of sensing and actuation systems, connected to the Internet, is likely to optimize energy consumption as a whole. It is expected that Industrial  IoT (IIoT) and M2M devices will be integrated into all forms of energy consuming devices (switches, power outlets, bulbs, televisions, etc.) and be able to communicate with the utility supply company in order to effectively balance power generation and supply. Such devices would also offer the opportunity for users to remotely control their devices, or centrally manage them via a cloud based interface, and enable advanced functions like scheduling (e.g., remotely powering on or off heating systems, controlling ovens, changing lighting conditions etc.).
• Transport Systems: The Industrial  IoT (IIoT) and M2M devices can assist in integration of communications, control, and information processing across various transportation systems. Application of the Industrial  IoT (IIoT) extends to all aspects of transportation systems, i.e. the vehicle, the infrastructure, and the driver or user. Dynamic interaction between these components of a transport system enables inter and intra vehicular communication, smart traffic control, smart parking, electronic toll collection systems, logistic and fleet management, vehicle control, and safety and road assistance.

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Continuation:

The Industrial Internet of Things (IIoT) is the next generation of the Internet based on the Internet Protocol (IP). It facilitates end-point devices by allowing the automatized use of data generated by sensors or devices that are connected to wired and wireless communication networks. The Internet of Things and AIS has already been making a significant impact on the transportation industry, providers, cities and consumers.

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