31 Jan Smart Cities market to witness robust growth due to advances in machine learning and nanotechnology
The smart cities market is set to see huge growth in 2022 as machine learning and nanotechnology advances.
A recent report from Fortune Business Insights identified a growing need for an intellectually connected city with advanced communication technologies. It’s this need that is driving forward nanotechnology and machine learning, and thus propelling the rise in smart cities.
The report also identified the advancement of renewable energy sources as another driving factor in the market. Several government-initiated energy storage projects were started with the aim of discovering new sources of renewable energy.
This includes the recent move by the government of Utah plans to collaborate with Magnum Development and Mitsubishi Hitachi Power Systems (MHPS) for the deployment of the Advanced Clean Energy Storage (ACES) project in the mid-area of Utah. The move for renewable energy is anticipated to significantly boost the global market.
Other governments have been identified by the report for boosting the development of smart cities, including Dubai’s Smart Dubai Plan 2021.