Smart cities are cities that leverage IoT devices like sensors, smart lights, and smart meters to gather data that can be analyzed to gain new insights regarding their infrastructure, population, and public services.
Few cities around the world have actually grown into truly "smart" cities — most are still in the early phases of implementing some of these IoT devices, and have yet to data processing and analysis tools that can turn vast troves of data from millions of devices into a real-time view of a city's activity and operations.
The smart cities segment has enormous potential as a market for IoT solutions, but it is also an inherently slow-moving market. Smart cities development faces many barriers around the world including tight municipal budgets, sluggish technology procurement guidelines for public agencies, privacy and cybersecurity concerns, and a pressing need for more IT staff at municipal agencies. Taking the time to deploy new, futuristic technologies can also be a luxury that many municipal agencies charged with the day-to-day running of a metropolis can’t afford.
However, many cities are starting to address these challenges, and smart city development around the world is accelerating. In The Smart Cities Report, Business Insider Intelligence contrasts the development of smart cities in different regions of the world. We examine the unique factors that are driving the growth of smart cities in different parts of the world. We also identify important barriers that still need to be overcome in different markets. We also detail some of the most common types of smart city projects in different regions, such as smart parking and transportation, smart energy and sustainability projects, and smart public safety initiatives, and delve into some examples of these projects.
Here are some key points from the report: