The rising urbanization, growing need for infrastructure management, and assets management are the various factors that are boosting the government investments towards the development of smart cities. As per the Consumer Technology Association, the global spending on the development of smart city is estimated to be US$34.35 billion in 2020.
The advancements in the technology has fueled the adoption of the internet of things technology in the smart cities to manage traffic flows, monitoring city infrastructure, and monitor air and water quality.
