By Joe Dignan

The consensus value is that the value of the IT market for smart cities globally is approximately $35bn, according to this report from analyst group Ovum.

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The latest UN report on the subject of Smart Cities suggests that the world will need to create 10,000 new cities by 2040, and the Chinese are already committed to building 100 new cities to accommodate the 385 million people reported to be moving from the countryside to the city.

Main findings:

• An increase in the world's urban population is both unstoppable and, with current infrastructure, unsustainable.
• The smart city market is not one market but at least four.
• A smart city is not just about IT.
• Smart cities will need to be led by industries that have a longer ROI model than IT companies.
• Governments need to create smart policies to ignite smart practice.
• The client is missing – government needs to identify who it is.
• Vendors need to combine forces to develop a common and open operating platform.
• A smart city is a journey, not a final destination.
• The smartest cities are starting with transport.

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