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Smart cities are anticipated to create huge business opportunities across different industries, with a total market value of $1.57 trillion by 2020, according to Frost & Sullivan. The firm notes that a smart city concept in this context encompasses a number of smart products characterized by an intelligent sensing technology that is increasingly being integrated with Internet technologies.

Frost & Sullivan says that more than 26 cities globally will be smart cities in 2025, and more than 50% will be in Europe and North America. These cities, Frost & Sullivan adds, will only function through the installation of both a smart grid and energy storage, and the impact of energy storage in smart cities is expected to be felt most strongly in the U.S. and Europe, followed by the Asia-Pacific region.

Smart technology is another important parameter for smart city development, the firm reports. Frost & Sullivan says technologies such as smart meters, wireless sensor networks, open platforms, high-speed broadband and cloud computing are key building blocks of smart city infrastructure.

"Frost & Sullivan believes that the smart city concept is the future of every modern urbanized city," comments Frost & Sullivan Sales Manager Maxim Perevezentsev. "Every smart city has a unique number of features and characteristics, as well as unique business opportunities.

"Companies in the smart city space will not only partner and converge among themselves to offer smart capabilities, but will also start converging with different participants in the ecosystem," Perevezentsev adds. "This will open multiple growth opportunities across all industries."

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