Driven by growing world population, limited natural resources, and desire for enhanced quality of life, the world cities are searching for “smart” solutions for their inhabitants. On a global scale, the market for smart cities is booming with promising prospect led by rapid technological advancements and diverse innovation.
The global smart cities market is on the verge of explosive growth – expected to reach USD 237.6 billion by 2025, expanding at a CAGR of 18.9% from 2019 to 2025, according to Grand View Research. The market size was valued at USD 71.3 billion in 2018. Among the major regional markets, North America comes first as predicted to be the top revenue generator, with Asia Pacific described as an indispensable market of lucrative returns.
Disruptive technologies are undoubtedly the catalyst for the boost, namely IoT (Internet of Things), 5G networks, big data, AI (Artificial Intelligence) as some of the biggest contributing factors. In a good handle of these collaborating technologies , the city’s infrastructure could be well-connected and the engagement between governments, citizens, and businesses be greatly improved.
Smart city is a broad yet ambiguous concept with almost every aspects in the city participating. Public safety, utilities management, mobility are the key sectors that smart governments should tackle with innovative measures. Architecture, engineering and construction industry is lust for initiatives that are efficient and cost-effective. And there are all other aspects starting with ‘smart’: smart living, smart environment, smart economy and so on.
As a comprehensive smart city management solution provider, CHAIN Technology Development has delivered a disruptive product, Hybrid Reality Platform (HRP), to step into those major aspects. HRP produces a digital twin model of a specific area with a visualized dashboard, where massive amount of data collected by IoT sensors are analyzed and transformed into actionable insights. The cloud-based platform caters an smart alternative for construction project monitoring, project governance, facilities management, utility optimization, and many other industry needs.
Smart cities bring numerous benefits to maximize efficiency, sustainability and improve living conditions of citizens. In shaping the future of smart cities, citizens and businesses will take a more participative role with governments enabling smarter solutions, leads to a more connected and collaborative society.