The smart city market is set for explosive growth, but ongoing smart city deployments may be missing the mark.
Despite a rapid increase in smart city deployments around the globe, few projects are at scale and financially sound. Furthermore, many smart city solutions deployments fail to address core urban issues, warns Navigant Research. ”Today, city leaders and suppliers are recognizing that there needs to be a more clear and timely route to the broader deployment of proven technologies and solutions,” said Eric Woods, research director at Navigant Research. “The question is how to establish the right business models and deployment strategies to enable this expansion,” he added. What is required there is a growing emphasis on meeting social, economic, and environmental challenges as well as on bringing smart city solutions that are relevant to citizens.
The analyst firm expects the global smart city market to hit $88.7 billion in annual revenue by 2025, up from $36.8 billion in 2016. The growing adoption of Internet of Things (IoT) technologies will drive the adoption of smart city solutions, according to the analyst firm.
Smart city deployments to drive smart grid adoption
The exploding growth in smart city deployments is expected be a major driver to smart grid implementation. Navigant Research forecasts that the global smart energy for smart cities technology market will total $136.9 billion from 2015 to 2024. “Smart cities are emerging as an important force in implementing the Energy Cloud philosophy across different sectors such as transportation, public and private institutions and buildings, and land use and development,” said Lauren Callaway, research analyst at Navigant Research, commenting on another recent report, ”Smart Energy for Smart Cities”. “For utilities, this creates myriad opportunities to test and deploy new technologies, services, and business models,” she added.
IIoT News Recap: Ericsson CEO Hans Vestberg steps down; Taiwan Mobile and Nokia sign MoU on 5G research; French city of Rennes to trial 5G; Chinese government to release intelligent driving guidelines next month
On the move: Hans Vestberg steps down as Ericsson CEO with immediate effect
It is now official: Hans Vestberg is stepping down as CEO and member of the board of directors of Ericsson. Vestberg leaves all assignments at Ericsson with immmediate effect. Ericssons’s executive vice president and CFO Jan Frykhammar is to take on the role as CEO until the search for a new CEO is successfully completed. Carl Mellander, currently vice president and group treasurer, will be acting CFO in the interim. “I have had 28 fantastic years at Ericsson, the last seven as CEO. As the industry enters a next phase, driven by 5G, IoT and Cloud, it is time for a new CEO to step in and continue the work to ensure Ericsson’s industry leadership,”said Hans Vestberg in a comment to the announcement. The new CEO will shoulder the task of implementing the company-wide cost reduction plan announced in conjunction with the company’s second quarter report on 19 July.
5G: Taiwan Mobile and Nokia sign MoU on 5G research
Taiwan Mobile annunced it has entered a Memorandum of Understanding (MOU) with Nokia to jointly develop 5G technology, China Post reports. The companies will collaborate on an experimental network and product testing, according to the MoU.
5G: French city of Rennes to trial 5G
French technology institute B.Com is to deploy a 5G test network in the French city of Rennes, Ouest France reports (in French). B.Com was recently awarded a €20 million ($22 million) grant by the French government, adding to the €60 million ($66 million) it had initially been allocated.
Connected cars: Chinese government to release guidelines next month
In support of Chinese automakers, China’s Ministry of Industry and Information Technology is set to release development guidelines for intelligent connected vehicle technology next month, China.org reports. The Ministry is also said to be preparing a production standards framework.
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