![]() ![]() A smart city is more than just having digital infrastructures. North America is expected to be the largest market player in the industry by 2025 followed by Europe. Smart healthcare solutions aim to fill up this gap and inefficiency by deploying IoT services to better provide treatments at improved costs. These led to longer waiting times, operational inefficiency, and a strain on resources. We witnessed how COVID-19 has led to a strain in physical healthcare infrastructure and services. China, India, Japan, and Korea are key players that will bring the market value to $1 trillion by 2030. In addition, with work from home being the norm, the smart energy market is here to stay. Smart energy initiatives and solutions will be the key in reducing our carbon footprint if we are to make the world a more sustainable place for future generations. Buildings are expected to be net-zero by 2050 to meet the requirements of the Paris Agreement. Based on a report by Barclay, commercial buildings take up 20% of energy use in the US, 30% of which is lost. The global smart energy market was valued at $124 billion in 2019 and is expected to grow at a CAGR of 9.6% from 2020 to 2027 and reach a market cap of $253.1 billion in 2027. With ESG taking the center stage in 2021 driving greater awareness of the importance of preserving and protecting our environment, funding and investments in this area have seen notable increases. The demand for IoT is also increasing, bringing greater efficiency and convenience for businesses and consumers. With the increasing adoption of AI, institutions gain operational efficiency via the automation of manual tasks and the replacement of human decisions with advanced diagnostics. Fintech also improves the operational efficiency of firms. Advanced computing, zero-knowledge proofs, and secure multi-party computing will also help to drive consumer protection as we become more interconnected in the world wide web. Stellar lumen is another blockchain-based solution that is increasingly being used for emerging economies that heavily rely on remittances for economic growth. Blockchain-based technology can help to expedite processes such as payment transfers. ![]() We have already seen how the blockchain-based game Axie Infinity has been a source of income for the majority of the Philippines population. The accelerated growth of 5G, AI, VR, MR,AR, and blockchain will continue to drive the evolution of smart cities. Last year, we also saw record M&A funding with technology companies taking the lion’s share. COVID-19 has led to a fundamental change in work culture, with remote working expediting the need for reliable and secure high-speed connectivity. These are some of the key areas in that we will likely see exponential growth in the ASEAN region, driven in part due to COVID and greater pressure to reduce global emissions. With smart cities reported to generate $20 trillion in economic benefits by 2026 according to a report by Barclays, these key functional pillars will play a pivotal role in smart cities' plan and will likely see greater funding. In the future, these funding mechanisms are also expected to be more popular across the globe. Some of the popular funding mechanisms for smart city plans in Europe are the use of special development funds, partnerships, and private investments. The 8 pillars are energy, building, mobility, technology, infrastructure, healthcare, governance, and citizens. A smart city is made up of 8 functional pillars that strive to enhance operational efficiency and bring a better standard of living for its community. According to the report by Frost and Sullivan, the Smart City Market is expected to reach a market size of US$1.65 trillion by 2025. ![]()
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