We’ve all heard the phrase, “work smarter, not harder,” and we understand that means you strategically get more accomplished without running yourself ragged. You increase productivity while saving energy. That’s smart, right? Well, the same theory applies to smart cities. Smart city technology is designed to optimize operations and efficiently manage resources. Thus, increasing productivity, while saving energy. See? Smart.
Maybe that’s the reason why, according to BBC research, about two-thirds of cities have already invested in smart city technology. With more and more cities making plans to follow suit, the smart city market’s compound annual growth rate is expected to increase 49.20% between 2022 and 2027. Increased federal funding and strong partnerships with city governments and private sector technology firms are likely to drive escalation even faster.
Another driving factor in smart city progression is the number of people moving to urban areas. Currently, 55% of the world’s population lives in urban areas, compared to 30% in 1950. This figure is projected to rise to 68% by 2050. Enhanced digital technologies attract businesses and residents to these urban areas – spurring continued economic growth and development. As a result, investments in smart city technology is estimated at $244.5 billion in North America in 2021.
The primary goal of a smart city is to stimulate economic growth, improve city operations, and enhance the quality of life for citizens. Here are some other statistics about smart cities that might surprise you:
- Smart cities are predicted to generate 20 trillion U.S. dollars in economic benefits by 2026.
- Cities that leverage smart city solutions can improve their energy efficiency by 30% in 20 years.
- Smart traffic signals reduce overall travel time up to 25%.
- Predictive policing reduces violent crimes by about 5% and property crimes by about 10%
- Cities that leverage smart city technology can improve their energy efficiency by 30% in 20 years
- Cities in the beginning stages of smarter payment usage can unlock savings of $140 per citizen annually.
City planners and leaders, government agencies, and private companies understand that communication infrastructure is the foundation for efficient, sustainable, and secure smart cities and municipalities. They also know that finding a partner with experience in both wireless and fiber technologies is crucial to building out their foundational infrastructure safely and securely. Investing in smart city technology is an innovative way city and municipality leaders and planners can ensure they are – you guessed it – working smarter, not harder.
Discover how Hylan makes smart cities a reality by partnering with private companies and government agencies. Our teams build out the foundational infrastructure for smart cities to connect utilizing our decades of experience in both wireless and fiberless technologies.