Today, more than half of the world's population lives in cities, and the world continues to urbanize rapidly. By 2050, two-thirds of the world's population will live in urban areas, according to the United Nations.
Recognizing the importance of measuring city-level indicators to track progress and identify out-performance cities has become very important. According to Juniper Research's report on smart cities, smart grid technology deployment will deliver $18.8 billion in cost savings in 2021. This will be achieved through reduced energy use and avoided economic costs from emissions.
Every city is trying to figure out how to best go about rolling out smart city infrastructure and policies. In China alone, where 1.6 trillion yuan ($260 billion) were invested in smart cities between 2011 and 2015, a total of 500 cities have announced plans to implement smart city systems. Because of the nascent nature of the smart city market, this is a major leap of faith.
Are you living in a smart city now?