By 2025, Frost & Sullivan expects smart cities to be a US$ 2.4 trillion market,¹ whilst Grand View Research anticipates a cumulative worth of US$ 2.57 trillion and a compound annual growth rate registering 18.4% over 2018-2025.² The latest forecast study published by Persistence Market Research determines that US$ 3.48 trillion will be spent across the globe for implementation of smart cities during the 10-year assessment period, 2016-2026, and that the market will showcase staggering growth at a CAGR of 18.8%.³ GVR estimates that the UK market alone should surpass US$100 billion by 2025 and the Future Cities Catapult has already identified more than 32,000 companies in the UK offering smart cities solutions and associated products and services.
The smart city concept describes the use of digital technology and data to promote performance and wellbeing, effectively respond to citywide and global challenges, and ensure that critical infrastructure and public services are more interactive. Rapid urbanization, ageing infrastructure, adoption of new technologies, need for improved quality of life, scarcity of resources and an increased focus on environmental sustainability are all placing demands on the operations of our cities and, in the face of diminishing public budgets, driving industry growth. According to a new white paper by ABI Research, implementation of smart city technologies could save enterprises, governments and citizens globally over US$5 trillion annually by 2022.4 IDC predicts that by 2019, 40% of local and regional governments will use the internet of things to turn infrastructure like roads, streetlights, traffic signals and refuse bins into assets instead of liabilities.5
Adoption of open data, exploiting big data analytics, citizen engagement, cyber-physical systems and the IoT, cloud and edge computing, 3/4G evolution, 5G networking, social media and digital platforms, low-power WAN, machine learning and AI, robotics and drones, VR, gamification, blockchain, and the sharing economy are amongst the myriad of technologies and trends advancing smart city transformation. Essential ‘smart’ sectors utilised by burgeoning smart cities include transport, energy, water, waste, energy, healthcare, assisted living, governance, security and buildings. The market encompasses an overwhelming number of application areas and addresses a diverse set of requirements, from enhancing mobility, reducing traffic congestion, boosting air quality and minimising travel waiting time for public transport commuters to efficient delivery of public utilities, optimising energy for homes, and better administrative services.
Recent reports from Navigant Research6 and the Royal Town Planning Institute7 emphasise the unbounded nature of smart cities and the benefits associated with smart city programmes that develop collaboration networks across combined authorities, county authorities, and regional agencies. They also highlight the increasingly important role played by partner ecosystems – including public-private sector partnerships – in delivering a smart city vision and enabling the use of new data and technology at the scale of city-regions, county-regions and beyond.
Smart Classes helps bring these stakeholders together so that technology disruptors can inform, consult and collaborate with city-regions and key sector leads.
What is a Smart Class?
Smart Classes are collaborative, half-day, knowledge exchange and lead generation events, offering buyer side stakeholders the opportunity to find out exactly how they can deploy the latest digital technology-enabled solutions and best practices to tackle the challenges faced by aspiring smart cities, regions and communities.
The Smart Class format is built around thought-leadership presentations from innovators, in-depth roundtable discussions with experts and peers, and insightful keynotes delivered by inspirational role models.
Why choose Smart Classes?
Smart Classes bring together a carefully curated audience with a chance to interact with the experts and trailblazers. We create a warm event environment based around a truly tried-and-tested format to keep you engaged. Smart Classes provide a unique opportunity to see the technologies in use, learn about the latest trends and innovation breakthroughs, and ask on-the-spot questions. This goes further with our roundtables; dynamic discussion between experts and novices alike occur organically, and ensures you get all the information you need to make better decisions. You can look forward to taking everything you learn back to your own teams in your future endeavours at becoming a showcase smart city-region or a visionary key sector operator.
Smart Classes have evolved from the “Masterclassing Smart Cities & Regions” series, co-launched and produced by DX Forum LTD (trading as Smart Classes).
¹’Smart City Adoption Timeline’ Report, published January 2018; ²’Smart Cities Market Size, Share & Trends Analysis’ Report, published February 2018; ³’Smart Cities Market: Global Industry Analysis and Forecast 2016-2026′, published January 2017; 4‘Smart Cities and Cost Savings’ Report, published December 2017; 5‘IDC FutureScape: Worldwide Internet of Things 2017 Predictions’, published November 2016; 6UK Smart Cities Index’, published 4Q 2017; 7‘RTPI Position Paper on Smart-City Regions’, published September 2017