The UAE is leading innovation in the world’s smart cities market, which is set to reach $546 billion by 2027, industry experts said, ahead of Gitex Technology Week 2020.
Meticulous Research firm expects the global smart cities market to grow at 23 per cent compound annual growth rate (CAGR) to hit $546 billion over the next seven years.
Abu Dhabi and Dubai rank in the world’s top 50 smart cities, thanks to digital transformation of the government, Smart Dubai initiatives, and Expo 2020 Dubai as one of the world’s best connected events.
"The UAE’s ascension in global Smart City rankings is testament to the country’s government-led digital transformation," said Savitha Bhaskar, COO, Condo Protego.
The leading UAE-based IT infrastructure and information management consultancy and solutions provider, Condo Protego, works closely with public and private sector organizations on their digital transformation to support Smart Cities.
"As the economy and society continue to evolve, GITEX sets the stage for five Smart Cities mega-trends of 2021: AI, cloud, 5G, digital economy, and cybersecurity," she stated.
"Knowledgeable and experienced channel partners can help Smart Cities to meet business goals with the right solutions and KPIs," noted Bhaskar.
AI is being used for facial recognition in airports, predicting utilities spikes, and preventing disease outbreaks. Organisations can use AI with machine learning algorithms and real-time analytics to optimize their insights.
In digital transformation, data storage, data analytics, and hybrid cloud environments can combine to deliver the biggest business benefit, she said.
As data storage drops in cost and increases in performance, organizations can adopt affordable, flexible, and scalable high-performance storage infrastructure. Data storage plus virtualization can enable remote and hybrid working and learning.
Ultra-fast 5G mobile broadband networks are the foundation for the Internet of Things, Internet 4.0, and the Fourth Industrial Revolution. 5G can enable autonomous vehicles that safely reduce traffic, smart factories, and mega-events, stated the experts.
Amid the pandemic, three private sector verticals are digital transforming rapidly: banking, financial services, and insurance (BFSI), education, and retail.
BFSI firms are enabling remote work, secure digital customer services, and reducing risk and meeting compliance. Schools and universities are supporting e-learning with virtual lessons, online collaboration, and personalized coursework. Retailers and restaurants are re-orienting delivery routes and supporting targeting marketing, they noted.
While the UAE has rapidly moved towards a smart and connected society, the increased connectivity also comes at a steep price of increasing cyber-threats, said the experts.
Advanced threat intelligence can help secure cloud, endpoints, and networks from cyber-threats: ranging from traditional business email compromise (BEC) attacks and URL threats, to malware and ransomware, all of which can risk business continuity and customer trust, they added.-TradeArabia News Service