Urban living may encompass 86% of the developed world, and 64% of the developing world by 2050.

BOSTON, Oct. 12, 2015 /PRNewswire/ -- The worldwide population shift to urban centers is spurring the adoption of "Smart Cities" to maximize the efficiency of crucial resources like utilities, water supply and transportation services. These cities of the future will combine and leverage Internet of Things (IoT) and Information and Communications (ICT).

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. Currently, about one million people are added each week to the world's cities.

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.

City infrastructures grow more slowly than the population they seek to serve, but faster than the city's land area, said Andrew Brown, Executive Director of Enterprise and IoT research at Strategy Analytics. "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," Brown said, adding, "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."

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Smart grids can play a vital part in controlling urban energy supply and demand. At the same time, utilities are seeking to reinvent themselves to be service providers for urban customers.

'Smart water' offers effective end-to-end monitoring and control for an increasingly valuable resource. Water utility companies using smarter solutions could save between $7.1 Billion and $12.5 Billion each year, engaging multiple IoT vendors, the SA report found.

The report also explores the role of urban-centric solutions such as Uber and AirBnB.

This foundational study examines the 'smart city' approaches of ICT and IoT vendors and service providers. It describes solutions and business models and provides recommendations for the future.

About Strategy Analytics

Strategy Analytics, Inc. provides the competitive edge with advisory services, consulting and actionable market intelligence for emerging technology, mobile and wireless, digital consumer and automotive electronics companies. With offices in North America, Europe and Asia, Strategy Analytics delivers insights for enterprise success. www.StrategyAnalytics.com

US Contact: Laura DiDio, +1 617 614 0750, ldidio@strategyanalytics.com

European Contact: Andrew Brown, +44 1908 423 630, abrown@strategyanalytics.com

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SOURCE Strategy Analytics