By 2050, it is expected that 75% of the world’s population will live in cities, where 80% of the wealth will be generated. This change is driving a quick evolution and a transformation towards a new urban model, which we know today as smart cities.
According to a report published by VINT (part of Sogeti Labs), smart cities will be one of the business sectors with the greatest volume at least until the year 2020.
Sogeti’s report, which comprises studies on the Internet of Things (IoT) developed by Bosch and Pike Research, states that the concept of smart cities gathers investments from different sectors; smart city development will generate investments for €87 billion until 2010.
The five sectors that will generate the most business volume will be construction (smart buildings), with €213 billion, the automotive sector (€175 billion), the service sector (€44 billion), smart cities (€21 billion) and industry (€17 billion).
According to Sogeti, the move towards smart cities will depend on the possible models to adopt, which the lab groups into three categories: City in a Box (tailored cities with a planned design of all their infrastructure), Sensible City (cities based on the use of sensors that analyze the behaviour and routines of their inhabitants) and City as a Platform (a set of applications and technology that gathers data and analyzes it later).