According to the Research and Markets predictions, the global market for smart cities will grow from $410.8 billion in 2020 to $820.7 billion by 2025
According to the World Economic Forum, 56.2% of the population in the world already live in cities, and according to UN estimates, the number of urban residents in 2020 amounted to almost 4.4 billion people, and the share of urban dwellers will reach 68% by 2050. As for Smart Cities, according to the Research and Markets predictions, the global market will grow from $410.8 billion in 2020 to $820.7 billion in 2025.
CityTech is one of the technological areas that has been increasingly talked about recently in the context of the development of smart cities and UrbanTech. If we speak only about cities and focus on B2C and G2C solutions, CityTech can be defined as a set of state, municipal and commercial services that directly improve people’s lives, the services aimed at end consumers.
According to the results of the ICT Moscow study, Moscow users value such services for the opportunity to save money and time, as well as for being available at a convenient time from anywhere. And, of course, the global COVID-19 pandemic has become one of the undisputed catalysts for development in 2020.
An interesting aspect of this is that many CityTech services develop within large ecosystems, that by default set certain standards for the provision of services. But the experts do not name an unambiguous answer to the question, there are more pluses or minuses in this.
The full text of the conversation with experts from the MIT Senseable City Lab, McKinsey, DIT Moscow, MUF Analytical Center, KB Strelka is available on the ICT.Moscow website.