ICT combined ‘Smart City’ to be expanded…KRW 1711 trillion worth rapid growth in 2020
Song Hae Ree | shl@ | 2017-03-06 11:04:57
This year``s ``Smart City`` is in the center of attention as the next generation concept that combines the latest ICT technologies such as Internet of Things (IoT), Artificial Intelligence (AI), Cyber Physics System (CPS) and big data solution. Smart City is a concept that includes various services and technologies that can enhance the efficiency of city administration. It aims to efficiently manage urban infrastructures such as roads, bridges, waterworks, electricity, schools, and collect and utilize public data to solve various urban problems such as traffic and energy and create new value for cities.
Frost & Sullivan, a market research company predicted on March 5, that the global smart city market will reach USD 1.5 trillion (about KRW 1,711 trillion) by 2020. This means that the smart energy sector will grow at an annual average rate of 19.6%, while the smart buildings and smart government market will grow at a 12.4% annually, smart security and smart traffic at an average annual growth rate of 14%. The United States announced a USD 160 million Smart City research and development plan in 2015, and each state is now pursuing its own Smart City project. Chicago, for instance, is pursuing projects such as DIVVY, a smartphone-linked bike sharing system, The Array of Things (IoT) weather information system project and also Big Data-based decision support system.
China is experiencing rapid urbanization and has planned to build a smart city to solve the problem in 2016 and announced plans to promote the idea. Korea, on the other hand, is also trying to find smart city services to solve local issues and improve the quality of life of residents. The Ministry of Government Administration and Home Affairs presents the paradigm of E-government as an intelligent government and promotes the establishment of ``Safe and Convenient Smart City`` through convergence of CCTV, mobile and IoT technologies. The Ministry of Government Administration and Home Affairs has invested a total of KRW 323 billion in the related ministries (Ministry of Land, Future Department, etc.) and local governments for the implementation of smart city this year. KRW 7.5 billion has been invested in IoT city development KRW 6.7 billion was invested in Gyunggido province modern transportation control system development and KRW 3.8 billion was invested in U-City public information service of Hwasong city.
By Song Hae Ree shl@
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Frost & Sullivan, a market research company predicted on March 5, that the global smart city market will reach USD 1.5 trillion (about KRW 1,711 trillion) by 2020. This means that the smart energy sector will grow at an annual average rate of 19.6%, while the smart buildings and smart government market will grow at a 12.4% annually, smart security and smart traffic at an average annual growth rate of 14%. The United States announced a USD 160 million Smart City research and development plan in 2015, and each state is now pursuing its own Smart City project. Chicago, for instance, is pursuing projects such as DIVVY, a smartphone-linked bike sharing system, The Array of Things (IoT) weather information system project and also Big Data-based decision support system.
China is experiencing rapid urbanization and has planned to build a smart city to solve the problem in 2016 and announced plans to promote the idea. Korea, on the other hand, is also trying to find smart city services to solve local issues and improve the quality of life of residents. The Ministry of Government Administration and Home Affairs presents the paradigm of E-government as an intelligent government and promotes the establishment of ``Safe and Convenient Smart City`` through convergence of CCTV, mobile and IoT technologies. The Ministry of Government Administration and Home Affairs has invested a total of KRW 323 billion in the related ministries (Ministry of Land, Future Department, etc.) and local governments for the implementation of smart city this year. KRW 7.5 billion has been invested in IoT city development KRW 6.7 billion was invested in Gyunggido province modern transportation control system development and KRW 3.8 billion was invested in U-City public information service of Hwasong city.
By Song Hae Ree shl@