Tech Talk: Smart Cities
The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%. While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years. Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). This enables cities to be data-driven and enhance decision-making for greater efficiency, sustainability, quality of life, and overall well-being of their residents. The majority of the focus for Smart Cities today is on traffic management, energy usage, water quality, parking, public safety, citizen access, and sustainable approaches. The defining characteristics of a Smart City are: (1) data-driven; (2) interconnected; (3) technology-enabled; (4) sustainable; and (5) citizen-centric. Most Smart City efforts are making significant use of AI. Major trends in Smart Cities include: (1) hyper-personalization; (2) integrated infrastructure; (3) AI-powered decision-making; (4) a focus on sustainability and resilience; and (5) citizen engagement and inclusivity. Upcoming milestones include more 5G and edge computing, autonomous vehicle adoption, blockchain integration, digital twins rollouts, and deployment of better data privacy and security. Smart Cities are being built using products from a variety of companies, from multi-billion-dollar companies like Cisco Systems (CSCO) and IBM (IBM) to micro-cap companies like Gorilla Technology (GRRR). Other vendors include Atlassian (TEAM), C3.ai (AI), CrowdStrike (CRWD), Keyence (6861.T), Palantir (PLTR), SenseTime (0020.HK), Xiao-I (AIXI), ParkMobile (PTK), and StreetLight Data (STLT). Tech Talk consists of short discussions of the technical issues surrounding a technology investing topic. See previous editions of Tech Talk and other WTR technology reports here.
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