Outlook on the Global Smart City, a Trillion-dollar Market with Ample Opportunities
What is a Smart City? Why are we building it? How does it affect individuals, enterprises and governments? How has it become an absolute hotspot in digital economy in recent years and what are the existing challenges? Come join CyberVein to explore the answers to all these questions in just two minutes.
Let’s start from smart cities
A smart city is a city with the cutting-edge information technologies, such as 5G, Cloud Computing, IoT, AI and Big Data, applied in the industries to facilitate a deep integration of informatization, industrialization and urbanization. It relies on technologies to hold and maintain a system linking all core sectors to improve both the efficiency of city management and the living standards of urban dwellers.
As the world population approaching a whopping 7.6 billion and urban population 4 billion, it is estimated that by 2050, 68.4% of the population will live in cities.
At present, about 50% of the global population lives in cities. As the population continues to gather in cities, new metropolises and urban agglomerations have formed.Therefore, how to address the existing problems in cities and achieve a sustainable development becomes an issue concerning all city managers. CyberVein is founded against this backdrop for this mission.
A $7.172 trillion market, Smart City also plays a vital role in promoting transitions to sustainable development and higher-quality economy.
This is exactly where CyberVein taps into, to use big data to provide smart solutions benefiting all kinds of sectors, including finance, medical health, government affairs and transportation, for an inclusive growth.
So far, CyberVein provides smart city solutions in 16 countries and regions including China, Singapore, North America, Japan, South Korea, Russia, Israel, and Southeast Asia. More than 200 cities are expected to join the league of smart cities through CyberVein.
CyberVein focuses on developing better data collection, storage, management, analysis and use methods to build a smart city that is secure, adoptable and flexible. Based on 5G and AI, CyberVein has developed its own technologies, Federated Laerning and Cytrix Distributed Computing Power, to make AI an easy and common tool that can be made full use in smart city development.
Of course, companies like CyberVein alone are not enough. Support from other parties are essential. In this regard, internet technology companies usually play a bigger role than the governments. Therefore, CyberVein has actively collaborated with over 30 institutions in building smart city ecosystems. These include Kingsoft, Dubai government, BiomX, Paybank and Zhejiang University in China. Among them, 4 are listed companies and 6 are Global top 500.
Currently, Cybervein is working intently on meeting the following challenges of smart city development.
First, lack of a sound ecosystem. Cities need different kinds of systems to provide dynamics and diversity. Therefore, CyberVein is building DAVE Alliance, an alliance of technologies, industries and ecosystems, to promote cluster effect for smart city development.
Second, trade-off between data security and data exchanges. Usually, barriers are built between sectors in cities for security concerns, hindering the exchanges of data. CyberVein is building a nimble data sharing standard to break this deadlock.
Third, lack of the talent. CyberVein values cooperation with educational institutions and enterprises. It is actively seeking collaboration with more schools in offering more courses on Computer Science, such as AI and blockchain.
Fourth, lack of a self-sustaining operation model. CyberVein has developed CROSS for data monetization. Data owners and producers who intend to participate in the global business of big data can use CROSS to put their data into commercial use. While businesses and governments can leverage CROSS to add value to their data and improve their work, customers can also profit from the data they provide.
Each and every of these is an impending issue in smart city development. Meanwhile, this sector is also influenced by changes in population, policies, economy and technological development moment by moment. However, despite these challenges, Smart City remains a promising market with enormous opportunities.