Smart City AI Software Market Revenue Set to Spike 700% By 2025Economy
The global market for smart city artificial intelligence software is set for an exponential increase of $4.9 billion by 2025, up from $673.8 million in 2019, representing a seven-fold rise.
The estimations were recently published by analyst house Omdia in The Artificial Intelligence Applications for Smart Cities report, which identified 23 use cases across six smart city sectors: governance, safety and security, mobility and transportation, energy and resource management, infrastructure management, and healthcare.
According to the report, AI technologies can help smart cities address the quality of life issues, by creating city systems and services that operate more efficiently and provide significant benefits for businesses and residents.
For example, advancements in machine learning, deep learning, computer vision, and natural language processing can help cities save money and deliver benefits to workers and visitors.
These benefits can include reduced crime, cleaner air, and decreased congestion as well as more efficient government services.
“From video surveillance to traffic control to street lighting, smart city use cases of all types are defined by the collection, management, and usage of data,” said Keith Kirkpatrick, principal analyst for AI, Omdia.
“However, until recently, connecting disparate components and systems together to work in concert has been challenging due to the lack of connectivity solutions that are fast, cost-effective, low latency and ubiquitous in coverage.”
"These challenges now are being overcome by leveraging advances in AI and connectivity,” Kirkpatrick added.