The 2014 global information technology report sponsored by the World Economic Forum estimates that by the year 2025, there will be more than 88 cities with the ability to optimally integrate new communication and information technology into daily life.
Therefore, in 11 years, the number of cities that formally meet the requirements to be considered smart cities will climb from the current figure of 21 to reach 88 in 2025.
Even if the number is less than that projected by the World Economic Forum, the increase in the number of smart cities will be promoted by those governments that seek support from academia and private investment in order to optimally distribute resources to growing populations that are placing greater demands for services.
It is also estimated that investment in smart cities will rise from around 1 billion dollars in 2013 and 2014 to reach 12 billion by 2025 because of infrastructure projects carried out jointly by governments and the private sector to reach their objectives.
In order for a city to be considered a smart city, it needs to have successfully introduced technological solutions into at least three functional areas of city life, such as transportation, sustainability, security, infrastructure, or the mobile communications of its inhabitants.
In 2025, Asia is expected to have around 32 smart cities, making it the continent with the smartest cities. It will be followed by Europe with 31 smart cities and America with 25 smart cities.