An operator checks the electric power control panel for the smart city project in Kashiwa, Japan, on July 7, 2014. By 2030, the world's population is projected to be 8.5 billion and increase to 9.7 billion by 2050 and 11.2 billion by 2100. Many cities are experiencing exponential growth as people move from rural areas in search of better jobs and education. Consequently, cities' services and infrastructures are being stretched to their limits in terms of scalability, environment, and security as they adapt to support this population growth. Visionaries and planners are thus seeking a sustainable, post-carbon economy20 to improve energy efficiency and minimize carbon-emission levels.
Gone are the days when the term'Smart City' was associated with the future. Smart cities are here and are gaining momentum and growth as we speak. The growth of smart cities is directly in correlation to the expansion of Internet of Things (IoT), which is profoundly impacting the services of public corporations all around the globe. The term became famous when it was coined by politicians, businesses, engineers, builders and even entrepreneurs all around the world. While there is a multitude of definitions making rounds, we try to help you understand the concept of smart cities in the simplest of ways.
Consumer spending on smart home devices, services and installation fees will reach $103 billion this year, according to a new forecast by Strategy Analytics. The smart home market is projected to grow 11% annually, reaching $157 billion in 2023. Spending on devices is estimated to account for 54% of the total, or $55 billion in 2019, growing 10% annually to reach $81 billion by 2023. At the end of 2018, there were more than 200 million homes with at least one smart home device, with projection of an additional 100 million being added by 2023, according to the forecast. By the end of 2023, 6.4 billion smart home devices are projected to be in use.