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Smart Cities, a Business of Volume and Spine: 308 Billion Dollars in 2018

The market associated with smart cities solutions and services moved no less than 308,000 million dollars in 2018, with the expectation that this figure will increase to 717.2 billion in 2023.

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The market associated with smart cities solutions and services moved no less than 308,000 million dollars in 2018, with the expectation that this figure will increase to 717.2 billion in 2023.

After a few years complicated by the economic crisis and budget cuts in most Public Administrations, the investment to digitize our urban spaces seems to have recovered the pulse. And beats faster than ever, according to the data handled by the analysis firms.

Thus, the market associated with solutions and services of smart cities moved no less than 308,000 million dollars in 2018, with the expectation that this figure will increase to 717.2 billion in 2023. It should be noted that under this umbrella are included not only the solutions aimed at the final citizen (transport, security, management of public resources, etc.) but also those aimed at smart buildings and ‘utilities’ (energy, water, etc.).

These are data from the MarketsandMarkets consultancy that reveal, therefore, an annual increase of 18.4% in the next five years.

“The rate of adoption of smart city solutions is expected to increase, due to the growing demand for security infrastructure and public communications, the growing number of empowerment and commitment of citizens and the increase in the urban population,” says the report. .

In smart cities, technologies such as video surveillance, DNA phenotyping, recognition of license plates in real time and facial recognition are widely used for public safety, the field that in the opinion of experts will grow at a faster pace. Add to this the impact of the connected car, which requires a redefinition of telecommunications and processing capacity in urban environments.

An extremely lucrative business that has not escaped the ambitious eyes of the big names in the digital industry. A long list among which the experts highlight Cisco, IBM or Siemens, but also other companies not as popular as Schneider Electric, Ericsson or Itron.

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