Until May 10, the number of important Smart City Mission has seen over 5,000 projects that cost more than 2 lakh crore in numerous segments of implementation. The experts are suggesting that the urban future of the country is entirely dependent on the execution of the Internet of Things.
Internet of Things is much more capable in handling vast volumes of data which are based on sensors. The Internet of Things also ensures that more than a billion digitized devices interact with one another. Additionally, also respond to the ever-changing nature of the urban spaces by enhancing the standards of the people residing in the metropolitan cities.
The last 15 months suggest that the movement and pace of the SCM projects have seen a significant rise. By the looks of it, the numbers of tenders have also increased by almost 365%. On the other hand, the rate of implementation has increased by 324%. It is safe to say that the Internet of Things projects for urban cities will proliferate in the forthcoming days.
As far as the official data of IoT tenders are concerned around 3,500 projects based on smart cities, which is around 1.32 lakh crore are discarded from the bid. Moreover, approximately 2,572 projects which range 87,000 crores are put to the ground. Only 863 projects which have an estimation of 14,500 crores has seen the light of the day.
Internet of Things and smart cities have a symbiotic relationship. Most of the time, smart cities rely on the latter to be placed in a cutting-edge ecosystem for coming up with urban challenges.
The recent report from KPMG suggests that the smart cities around the world curate 23% of Internet of Things projects by using the Internet of Things. It is also predicted that human being across the globe will be outnumbered by the Internet of Things devices and sensors.
**The post was published on https://www.financialexpress.com
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