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Project funding challenges smart city market growth

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More than half of all respondents report that their organisations are focusing their smart city efforts on opportunities in North America, Europe, and Asia-Pacific

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“Municipal strategies must carefully consider each city’s unique challenges"
“Municipal strategies must carefully consider each city’s unique challenges"
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54% indicate revenues from smart city solutions will increase in the near term

Key smart city project restraints include lacking a cohesive smart city vision

Aging infrastructure is driving the adoption of solutions by local governments

The smart city movement is gaining momentum. Citizen expectations, growing connectivity, and increasingly strained government resources are converging, strengthening the case for cities to invest in intelligent solutions rooted in information and communication technologies, a new study reveals.

 

As cities and solution providers develop their smart city strategies, they are trying to understand which solutions and business models hold the greatest promise in this growing market, according to Frost & Sullivan’s Visionary Innovation Group’s recent Smart City Pulse survey.

 

In spite of this, the consulting and research firm also issued a note of caution about several key smart city project restraints identified by survey respondents. These included securing adequate funding and lacking a cohesive smart city vision or strategy to direct projects.

 

But solution providers can help cities overcome these restraints by introducing innovative business models and collaborating with cities to articulate visions and draft persuasive strategies, it said.

 

More than half of all respondents report that their organisations are focusing their smart city efforts on opportunities in North America, Europe, and Asia-Pacific, with aging infrastructure and cities competing for long-term business development driving the adoption of solutions by local governments.

 

Survey participants were also optimistic about the smart city market with more than half (54 per cent) indicating that revenues from smart city solutions will either “increase” or “increase significantly” in the near term.

 

“The most innovative cities in the world are implementing smart city solutions by building strategic partnerships with solution providers,” said Jillian Walker, senior consultant, Visionary Innovation, Frost & Sullivan.

 

“For cities, municipal strategies must carefully consider each city’s unique challenges, devising how the smart city concept can be moulded to meet very specific needs. Establishing smart city teams is also critical to addressing another cited restraint: working across departmental siloes.”

 

In many brownfield markets, replacing or modernising existing infrastructure represents an area of neglect and critical need, creating an opportunity for smart city innovations. The large-scale nature of these projects requires cities to future-proof their investments, considering technologies that offer additional cost savings or conservation of resources through optimised performance.

 

Moreover, cities are embracing smart city development as an avenue of competitive advantage. On the horizon, respondents believe that scaling Internet of Things solutions and integrating prescriptive analytics will greatly influence future market development, opening up opportunities in urban sensors, Big Data, analytics software, and cloud markets.

 

 

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