Global Smart Infrastructure - Smart City Transformation
While a holistic approach towards the development of smart cities is still often missing; in 2017 there are some good examples both nationally and internationally of councils that are moving in the right direction. We are migrating from Smart Cities being a concept for the future and now seeing cities make tangible plans and infrastructure decisions to support such a transformation. This also means we can begin to see more clearly the obstacles and challenges involved. The most difficult issue to resolve in building smart cities is the funding. And this is not unique, all sectors and industries that are facing transformation are dealing with the same problem. The transformation process will not be possible unless investments are made in the ICT platform. This unique report explores the issues, challenges and developments for smart cities as well as providing insightful information on some of the leading cities from around the world.
The global smart city sector is valued at over $600 billion in 2017.
In May 2016 the ITU and United Nations Economic Commission for Europe (UNECE) launched a new initiative called: United for Smart Sustainable Cities, with the abbreviation U4SSC.
In 2016 the global smart city market was estimated to be worth around $1 trillion.
The most difficult issue to resolve in building smart cities is the funding.
However specific budgets for Smart City projects exist in some regions of the world.
In mid 2015 the ITU members decided to establish a study group which would focus specifically on smart cities in terms of the standardization requirements for the broader Internet of Things (IoT).