The constant need for urbanization and meeting the demands of the growing population, keeping in mind the environmental impact has driven the demand for smarter solutions. From efficient utilization of resources, quicker transportation, better waste management to improving security while keeping up with technology are the pillars of smart cities globally.
The Smart Cities mission was launched in 2015, with main objectives revolving around providing core infrastructure, clean and sustainable living and improving the quality of living for citizens across. 100 cities from all over the country have been selected for development through a two stage competition.
The Mission is operated as a Centrally Sponsored Scheme, providing financial support USD 6.85 billion over a span of five years. Aggregated at the national level, these proposals contained more than 5,000 projects worth used over USD 28.57 billion, of which 45 percent is to be funded through Mission grants, 21 percent through convergence, 21 percent through PPP and rest from other sources.
The government driving the emission rigorously leaves multiple opportunities to gain from over a wide spectrum of sectors and industries. From Internet of things that can range from smart waste and water management, smart lighting, smart transportation, security to smart homes and products to renewable sources of energy – solar panels for homes, infrastructure becoming sensor based telecommunication, networking, logistics and construction. Further Big data Analytics and Data Base and Management industries are being determined as well to find optimal solutions in every field.
As an example the peak hours of transportation – rail or road are analyzed to either increase the frequency of metros or adjust the street lights during those hours on the busy roads. Start-ups have established and grown with a basic idea that highlights when a garbage bin is close to being filled, to prevent over-flowing and efficient clearance. City administrators can rely on machine learning and artificial
Intelligence (AI) to gain insights from the different datasets involved. Administrators can use the findings to solve problems, automate processes, improve performance where necessary and come up with new smart features and services. The data collected helps to gain valuable insights on urban living and transform livability parameters and future infrastructure.
The Internet of Things, a fundamental component of most smart cities, has, in particular, a potential economic value of USD 4 to 11 trillion annually by 2025.
A few IoT based sectors that offer potential opportunities to venture in are as follows –
Smart Lighting
Adopting renewable resources for homes and streets that are smart to brighten when an individual is present but dim when empty would by itself lead to an immense amount of energy conservation. To have smart traffic lights would prevent traffic jams across, even during peak hours and over all improve the security systems as well.
The smart lighting industry is expected to witness a growth of CAGR 25%, reaching USD 27.7 billion over a period of five years. Smart Lighting Solution is the collaboration of sensor and control technologies along with communication and information technologies to give you real-time insights and help you get the best from your lighting application.
Smart Waste Management
Innovative approaches include investing in a city-wide pipeline system for disposing of and sorting waste, as has been delivered in Sweden. ‘Closed-loop’ recycling systems, such as at the Sustainable Industries Park in East London, take plastic waste and, after treatment, are able to make plastic out of it again. There are also an increasing number of ‘up-cycling’ projects that take waste streams and turn them into more valuable products.
Air-bins, a new start-up based product that alerts the authorities proactively regarding the bins getting filled to prevent spillage and have efficient methods of waste collection and management.
The smart waste management industry is expected to reach USD 4,103.6 million with a growth of CAGR 15.1% over the next five years.
Smart Water Management
Smart water management systems can provide a more resilient and efficient water supply system, reducing costs and improving sustainability. High-technology solutions for the water sector include digital meters and sensors, supervisory control and data acquisition (SCADA) systems, and geographic information systems (GIS).
As a part of the Ganga Cleaning Project, sensors were installed to monitor the levels and nature of effluents and pollutants. They will send real-time data on discharges from factories to a central server and will automatically send alerts when effluents breach permissible limits. A Smart Water Network is a fully integrated set of products, systems and solutions that enable you to remotely monitor and diagnose problems, prioritize and manage maintenance issues, and optimize the entire network’s efficiency through technology and IoT-driven devices.
The smart water management industry is expected to grow at a CAGR of 16.4%, reaching USD 21.4 Billion by 2026.
Smart Security
Smart security solutions focus on not just stopping crime but preventing it in the first place itself. Homes, streets and cities under constant surveillance and smart lighting can easily gather information using cameras, video analytics and encrypted sensors. Wireless home security provide text alerts and mobile apps, compatibility with virtual personal assistants (Alexa and Google), and the ability to update your system anytime. Even if a professional installs the original equipment, you can personally add gadgets that further enhance safety, save energy, and automate your home.
The smart city industry is expected to witness a growth of CAGR 13.90% and would reach USD 8.55 Billion in the next five years.
Smart healthcare
IoT in the healthcare industry is transforming the sector by connecting medical devices, people and ecosystems for prompt action and constant patient care. The data base can be connected to book doctor’s appointment or automatic checkups, IoT based pace makers can alert the medical staff directly in case of any fluctuations and more. Medical IoT market promises to transform tele-health, creating significant positive impacts for health care providers and their patients. Among other benefits, 5G technologies, including private networking (private 5G), enable the fast transfer of large data files, real-time remote monitoring and sensor innovation.
The smart health care industry USD 345.59 billion and is expected grow at a CAGR of 10.25% over the next five years.
The concept of “smart cities”—urban areas where functions ranging from traffic management to security are improved through embedded digital technologies—isn’t new. But as technology including the Internet of Things, autonomous vehicles and biometric identification continues to evolve, the list of what’s possible in next-generation smart cities continues to grow.
The 100 Smart Cities across state sin India, leaves immense amount of potential to explore and venture into new businesses or expand with Internet of Things.
To get more details on sectors/industries or for investment opportunities, please send an enquiry on
info@iloconsulting.in
