London is among the cities leading the way in smart city investment, according to research by IDC.
The market intelligence and advisory firm found that Singapore, Tokyo, New York City, London and Shanghai are the top five spenders on smart city technologies this year.
London Mayor Sadiq Khan has said that he wants the capital to become “the smartest city in the world” and a global test-bed for innovation, where the best ideas are developed with the highest standards for privacy and security and spread worldwide.
Overall, spending on smart city initiatives around the world will reach more than $81bn (£62bn) in 2018, and will grow to $158bn (£120bn) in 2022.
The three largest use cases, accounting for nearly one quarter of global smart cities spending this year, are fixed visual surveillance, advanced public transit, and smart outdoor lighting. By 2022, intelligent traffic management will move into third position, overtaking smart outdoor lighting, but the top three use cases will only account for one fifth of total spending as other smart city technologies become more widely deployed, IDC believes.
Among these other use cases, officer wearables and vehicle to everything (V2X) connectivity, in particular, are expected to generate the fastest growth.
“Intelligent transportation and data-driven public safety remain the largest investment areas, but we are also finding significant pockets of spending and growth in back-office and platform-related use cases, which are less often publicised but increasingly happening behind the scenes in cities around the world,” commented Serena Da Rold, programme manager in IDC’s Customer Insights & Analysis Group.