Global smart city technology revenue to reach $1.7 trillion by 2028

Revenue for the global smart city technology market will reach $1.7 trillion by 2028, according to market intelligence firm Navigant Research.

Smart cities are gradually instrumenting the urban fabric at every layer, and cross-sector benefits are starting to be realized.

This is what we mean with IoT interoperability. That IoT services can communicate through a plethora of standards to any type of sensor. Across every domain or sector. Enabling cross-domain services with real-time, technology-neutral, normalized data.

The IoT: Yesterday’s Predictions Vs. Today’s Reality

Here’s a look at some of the key predictions we at Forbes Technology Council initially had for a fully connected world, the reality we are dealing with today and how businesses can best prepare for the IoT’s continued evolution.

The biggest obstacle is the complexity of technologies, standards, silos and legacy systems. IoT requires interoperability and co-operations in eco-systems to be able to deliver on the expectations.

What Is a Smart City Platform?

In a data-driven society, the sheer volume of data is accelerating on an upward slope.  Our reliance on human-machine collaboration to be successful will require the velocity, veracity, security and the universal interoperability of data.

The explosion in hardware vendors, the number of communication protocols, and the lack of standardization of metadata and labeling among system integrators have created an environment in which data brokering between devices may be lost in translation or broken.  The desired flow of data back and forth between databases, levels of the technology stack, applications, industries, regions, countries and freely throughout the global economy does not yet exist.  The vision of machines flowing seamlessly around us and enhancing our lives sounds wonderful, but this utopia will remain a fantasy if communication barriers remain and the data the sensors are collecting cannot be used to provide contextual awareness.

Vendors have always preferred proprietary and closed systems since these tend to garner premium prices and lock a customer into a specific vendor.  Cities should take advantage of the potential power they now have to collaborate to accelerate and institute radical changes to the market.

The EU has been working strategically with FIWARE and the Open and Agile Smart Cities (OASC) group to standardize on the same open-source platform.  This standardization effort has spread to Brazil, Mexico, and most recently to Japan with its new partner, NEC.  The EU is working on setting a single standard for data brokering between countries, as the ability to pool data into data oceans over data lakes will (in theory) generate deeper and more accurate analytical insights.

If you want an open IoT for Smart City, then FIWARE is a natural choice in Europe. But FIWARE comes with some limitations. Those limitations are what we solve with Yggio. We build upon FIWARE components, data models and API standards, but we add the missing pieces and much more.

Stakeholders need to work together to realize the benefits of smart buildings – asmag.com

Future smart cities and buildings could bring several benefits to life, such as reducing waste, driving power efficiencies and enhancing resources, but it also comes with some challenges, with security issues being the most significant.

IoT interoperability is necessary, both when it comes to legacy technology already in operation in buildings and cities and all the new IoT technologies flooding the market.

The problem with many solutions is that they are complete vertical solutions with everything from sensors to the end-user application. That solves a need in a simple way, but without any thought on the bigger picture of future needs and re-use of infrastructure and data. Complete vendor and data lock-in.

Smart cities need to prioritize people’s needs, not technology | Marketing Interactive

Building a smart city requires technology, but prioritising technology over people could undermine effectiveness, according to a recent study.

“To fulfill the promise of smart cities, we must start focusing less on technology and more on how to use it to make lives better for people. We believe real estate can be a connector between the people who are the lifeblood of cities and the digital infrastructure that is increasingly powering our urban environments,”

A good way to do this is to focus on the services you wish to give your citizens. After that, you select the necessary technologies to fulfill that service, preferably re-using existing sensors or legacy systems to control the costs. This practical approach to Smart City projects requires you to have an IoT integration capability that to a large extent makes your processes and services technology and supplier neutral. The purpose is much more important than enabling technologies.

Unlocking the potential of the Internet of Things | McKinsey

If policy makers and businesses get it right, linking the physical and digital worlds could generate up to $11.1 trillion a year in economic value by 2025.

This report from McKinsey Global Institute predicts that 40% of the total IoT value comes from having systems and devices that can communicate with each other. Without this companies will miss out on a potential $40 trillion each year globally.

Smart cities must do more to deliver value for citizens | ITProPortal

Why interoperability is the key to delivering real value from IoT-connected cities.

This is the value of Yggio.

The alternatives for massive IoT and Smart Cities or Buildings would be to either invest in one technology like 5G and try to use it for everything or embrace the different technologies with their strength in different use cases and link everything together with Yggio.

5 major challenges hurting the smart building sector in 2019 – asmag.com

We speak to Terrill Laughton, VP and GM of Energy Optimization and Connected Equipment at Johnson Controls to get his views on what’s hurting smart buildings growth.

“Historically, building management operations and services have been siloed. HVAC, security solutions, energy use, and infrastructure solutions, services and maintenance have been separate entities, each with different monitoring, maintenance, and management. The data gathered from these systems similarly has not been used to its fullest potential due to the unavailability of technology capable of synthesizing data from all of these systems in one place.”

This is where Yggio comes in. By adding Yggio integration on top of all existing building systems you can integrate everything and feed your BMS with minimum risk. No change-out, just add Yggio.

“Samarbete och öppen källkod skyndar på kommunernas digitalisering” – Computer Sweden

Kommunerna måste få det lättare att dra nytta av framsteg som göra i andra kommuner, skriver Nordix vd Daniel Byström ​​​​​​​och föreslår införandet av en nationell app store för mjukvara baserad på öppen källkod.

Sensative kan inte annat än hålla med till 100%. Vi är med och driver denna fråga med vår open source-baserade horisontella IoT-plattform Yggio, för att skapa en grogrund för mängder av tjänster som lätt kan flyttas mellan olika kommuner.

Privacy by design: Cybersecurity and the future of 5G

So far, carriers and governments have focused on efficiency and first-to-market strategies over the pre-emptive security of their services. Looking back to the arrival of the first IoT and cloud technologies, history has repeatedly shown that when we rush to expand our computing power and interconnectivity, we expose ourselves to an entirely new landscape for attackers to leverage and abuse.

5G is a brave new world for businesses, but also for threat actors.