Analysts GlobalData said any of the short-term fixes and even long-term cures envisaged for the illness of urban and wider society so vividly and exposed by the COVID-19 pandemic lie, at least in part and sometimes almost completely with ICT.
With half of the world’s population living in cities and 70 percent projected by 2050, it is now more important than ever to tackle these challenges, the analysts said.
GlobalData forecasts the market for smart cities to grow from $458 billion in 2019 to $624 billion by 2024, growing at a compound annual growth rate (CAGR) of 6.4 percent, with the biggest growth coming from transportation, infrastructure, and grids.
Tony Cripps, Principal Analyst at GlobalData, said: “Creativity of thinking by UK cities and companies will be a necessity for managing the business impacts post-COVID-19, a fact that necessarily places the use of advanced ICT very high on what looks set to be a reinvigorated smart cities agenda.”