Bank of America Merrill Lynch – Countless people and technologies keep our cities safe, clean, and efficient; some we interact with in plain sight, and others operate beneath the surface, improving our lives in ways we don’t fully realize.
But for all the richness of cities, urban living can be filled with challenges, from traffic jams to taxed energy systems to overcrowded sidewalks and transit. Many of these difficulties are rooted in dated infrastructure – so as the number of people living in cities continues to rise, investing in and modernizing city infrastructure becomes critical.
The ultimate goal? Creating a “smart city” – one that leverages technology to improve quality of life for its residents, and creates better systems and structures to support it. One that looks ahead to future generations and starts the work now to meet those needs. Investing in the “smartness” of a city not only modernizes it, but creates a stronger, more sustainable place to live and work.
The good news is that the challenge of creating a smart city presents great opportunities. In fact, the smart city market could grow from an estimated US$1 trillion in 20174 to US$3.5 trillion by the mid-2020s. This means opportunities for companies, investors and, of course, the residents themselves. How do you uncover those opportunities?
Step one is imagining what it might be like to live in a “smart city”. more>