According to market research firm International Data Corp. (IDC), global spending on smart cities initiatives will reach $189.5 billion in 2023. The top priorities will be driven by resilient energy and infrastructure projects followed by data-driven public safety and intelligent transportation. This will account for more than half of all smart cities spending by 2023, IDC said. In 2019, more than halfof all spending in smart cities will come from fixed visual surveillance, advanced public transportation, smart grid, intelligent traffic management and smart outdoor lighting.
Meanwhile, the IoT industry is moving processing power onto the cloud and turning edge devices into I/O centers. Currently, the IoT has strong computing power in each edge device, including smartphones, laptops and even smart cars. As such, experts are looking at street lights as a possible means to distribute IoT connectivity across a city.