A new Strategy Analytics report “The Future of Smart Cities – Opportunities, Solutions and Players” forecasts that Urban ICT revenues will reach $977 Billion by 2022.

The study reveals that North America and Europe will dominate urban ICT revenue by 2022, with Asia-Pacific the fastest growing market. Smart Health, Smart Infrastructure and Smart Government represent the largest ICT opportunities.

The study highlights the importance of smart grids in controlling urban energy supply and demand, while utilities seek to reinvent themselves to better serve urban customers.

“Parking sensors, for example, can together with traffic management platforms and big data warn of, and ward off, inner city traffic congestion before it becomes unmanageable,” said Andrew Brown, Executive Director of Enterprise and IoT research at Strategy Analytics in a prepared statement.

“Smart street lighting can be set to operate only when there are people nearby who need it. The smart lamp-post itself can become a sensor platform for other services such as surveillance or smart parking,” he added.