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Smart Spaces will Continue Growing into Smart Cities

CIOInsider Team

Mankind has acknowledged the benefits of urban life. During the last several decades the way people live, work and interact has been considerably changed as the focus of human life has shifted from nature to technologies. Rapid development of science, industrial revolution and constant development of new technologies largely influenced on the way human live. The life is speeding up. As of 2018, we have 4.2 Billion people in urban cities. And by 2050, the urban population is projected to increase to 6.8 Billion. For the next decade, these urban consumers will be the primary driving factor of global consumption growth adding about USD $20 Trillion per annum to the global goods spend.

Nowadays, the borderline between virtual and physical blurs. The technology became an essential part of our daily life. Thus, there evolves the need to create spaces where technologies and physical environment will successfully coexist. Smart space is a physical or digital environment where people and AI-powered technological solution can efficiently interact. Because technologies have entered our daily life, smart space is going to win its popularity in the upcoming year. Smart spaces take individual technologies and combine them into collaborative and interactive environments. The growing popularity of smart spaces reflects in the appearance of smart cities, digital workplaces, smart homes and companies.

Furthermore, Smart cities and smarter projects have been among the most actively discussed realizations made possible by IoT, data, connectivity and by leveraging a mix of varied technologies. The interest in smart cities continues to grow, driven by a range of socioeconomic and technological developments across the globe. Not only this, smart city responds to the challenges of our time and quality of life. It also ensures that the city meets the needs of future generations — In terms of economic, social and environmental issues. In short, it is a good place to live with the best possible quality of life and most efficient use of resources. Worldwide smart cities market will grow from its current $622 Billion to $1 Trillion in 2019 and $3.48 Trillion by 2026, registering a CAGR of 21.28 percent. However, such rapid urbanization is not without a cost. The more significant opportunities for social and economic development are created, the more pressure is exerted on the infrastructure and resources, escalating social inequality.

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