Oracle estimates that the global market for smart cities will reach 1.944 million us dollars for the year 2023. Smart city is a concept that arises from an urban area that uses different types of electronic sensors from the Internet of Things (IoT) to collect data and then use this data to manage assets and resources efficiently.
The smart city will generate business opportunities around new governance models, new equity approaches and circular economy. Exponential technologies such as artificial intelligence and autonomous vehicles will boost new forms of mobility. Technologies such as blockchain will boost new forms of information distribution.
Migration to cities is unstoppable. According to Oracle’s estimates by 2025, almost 60% of the population will live in urban areas, and according to the United Nations this figure will reach 70% by 2050. The smart city will help solve challenges within the great human needs such as health, energy, security, communication and mobility among others.
To this end, all types of data from citizens, devices and assets will be collected and analysed to monitor and manage traffic and transport systems, power stations, water supply networks, waste management, crime detection, information systems, schools, libraries, hospitals and other community services.