Urban population are increasing and according to studies, 66% of the world population will live in urban areas by 2050. Moreover, global energy consumption is predicted to rise by 56% by 2040. Traffic issues has already creating problems, with Americans being stuck in traffic for more than 8 billion hours in a year. Using Smart City concepts, many of these complications will be improved in the years to come. Cities now, need to look into technological advantages to become smarter cities.
Between 2014 and 2016, the global Smart City technology market grew by $3.3 billion, climbing from $8.8 billion to $12.1 billion. According to research by Navigant, this growth is predicted to continue, as it will grow more than $27.5 billion annually by 2023. Some of the challenges that cities are facing today are:
Allow visually impaired individuals to navigate through cities and areas such as subway stations
Enable better tourism experiences
Connect retailers into one complete solution