Smart cities: stakeholder buy-in and project funding may challenge anticipated market growth.

Position:Frost and Sullivan Reports
 
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Survey of solution providers offers insights into key global trends and the future of smart cities, finds Frost & Sullivan's Visionary Innovation group

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. 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, more than half of all respondents report that their organizations 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 Smart City solutions by local governments. The Visionary Innovation Group's Smart City Pulse report reflects the collective experience of 75 professionals operating in the Smart City space, gathering information on the motivations propelling growth in the Smart City market, the hurdles for sustaining growth, and how organizations are adapting to better meet market needs.

"The most innovative cities in the world are implementing Smart City solutions by building strategic partnerships with solution providers," said Senior Consultant Jillian Walker. "For cities, municipal strategies must carefully consider each city's unique challenges, devising how the Smart City concept can be molded 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 modernizing 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...

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