What is a smart city?
A smart city integrates digital technologies, including the Internet of Things (IoT), sensors, and communication networks. These digital technologies optimise the management of resources, infrastructure, and services across a range of smart city ‘features’, including energy efficiency, waste management, transportation, and citizen engagement. Each of these present an exciting opportunity – and challenges too.
In 2015, the Indian government set up the Smart Cities Mission (SCM), with the goal of developing 100 smart cities across the country by June 2024. A smart city is an urban area that uses technology and innovative solutions to improve the efficiency, sustainability, and quality of life for its residents.
The Missions’ objectives are to:
- Improve core infrastructure (water supply, sanitation, power, etc.)
- Enhance service delivery through technology and innovation
- Promote a sustainable and inclusive urban environment
- Provide a decent quality of life to citizens
India has no fully self-sustaining smart cities yet, with many projects unfinished. The Smart Cities Mission is ongoing, aiming for long-term self-sustainability.
This presents challenges and opportunities as yet-to-be-completed smart cities mature over time, including financing and analysis of first stage progress. It also ensures that for innovative Small and Medium Enterprises (SMEs) not involved in the initial stages, there are plenty of opportunities to be had to put innovative technologies and solutions in place.
Smart cities market research by ITES
ITES commissioned market research to explore the opportunities and ongoing development of smart cities, including
- Policy and regulatory overview
- Industry overview
- Technology overview
- Opportunities and barriers
- Case studies
Only ITES SME programme participants, partners and funders can access these market research reports.
Several of the ITES SMEs have benefited from two virtual workshops, providing them with a better understanding around the development of smart cities in India and entry into the market.
A city full of commercial opportunities
Smart cities offer UK SMEs a range of market sectors to enter with innovative products and solutions, including:
- Smart mobility: With rapid urbanisation and a growing population, there’s an increasing demand for smart solutions to address challenges such as congestion, pollution, and resource management. UK SMEs could be involved in cost-effective transportation solutions like real-time traffic apps, bike-sharing platforms, and electric vehicle infrastructure.
- Investment Opportunities: Whilst self-sustainability is still in the future, government schemes like the public-private partnerships (PPPs) leverage both public and private resources. Smart city projects therefore present opportunities for funding and financing to support the development of innovative solutions from UK SMEs.
- Economic growth: Smart cities bring economic benefits to local communities by driving development and installing infrastructure. The research explores how these developments create new markets and revenue streams, offering potential for SMEs to contribute to local economic growth.
Opportunities and challenges at every turn
The research highlights an impressive range of other socially responsible opportunities for SMEs looking to share India’s goal of a better quality of life for citizens through:
- Smart solutions to enhance infrastructure like transportation, water management, waste management, and energy efficiency.
- Initiatives that spark economic growth, create new job opportunities, and fostering innovation in various sectors.
- Building sustainable practices including reducing energy consumption, managing waste effectively, and promoting green transportation.
The report specifically highlights opportunities for UK SMEs and innovators working on solutions for:
- Battery recycling and management systems
- Electric vehicle charging infrastructure
- Energy storage and delivery
- Fleet optimisation
- Hydrogen
- Intelligent electricity system services
- Rail transport
More market research commissioned
ITES has commissioned six pieces of market research in India, including this market report for EVs, to provide SMEs with the knowledge to enhance their business strategies for the Indian market, comprising this report and research on:
- Charge point operators
- EV fleet operators
- Green hydrogen
- Stationary storage
- The EV market
Our market research reports are free to relevant SMEs. If you’re an innovator and would like to access the full report, or find out more, please contact us at info@ites.org.
