China Smart Cities Market Worth $US60 Billion by 2023
China's smart cities initiatives are a massive investment.
CHINA’S domestic Smart Cities market is projected to reach $U60 billion by 2023 at a growth rate of 14.5 per cent year on year.
According to MarketsandMarkets, growth is driven by increase in population, need for rapid urbanization, and government investment in policies to speed up the successful implementation and development of smart cities projects.
In 2015, the Ministry of Public Security launched a project aiming to establish a giant facial recognition database to identify any citizen within seconds – the project is still in the development phase. Operational targets include an accuracy rate of 90 per cent and the ability to identify any one of its 1.3 billion citizens within 3 seconds using face recognition and gait recognition analytics. There’s also significant investment in LPR technologies.