Fast-growing populations are expected to fuel a potentially massive $10.27 trillion smart city market by 2032, as noted by Enterprise Apps Today. “In coming years expected market size of the marketplace is followed by 2024 ($1.83 trillion), 2025 ($2.27 trillion), 2026 ($2.81 trillion), 2027 ($3.48 trillion), 2028 ($4.31 trillion), 2029 ($5.35 trillion), 2030 ($6.64 trillion), 2031 ($8.26 trillion), and 2032 ($10.27 trillion),” they added. All of which could significantly boost stocks, such as VERSES AI Inc. (CBOE: VERS) (OTCQB: VRSSF), which recently partnered with Analog, a company led by Alex Kipman and backed by G42, to transform Abu Dhabi's urban landscape through smart city projects, Qualcomm (NASDAQ: QCOM), Cisco Systems (NASDAQ: CSCO), Honeywell International (NASDAQ: HON), and Siemens (OTCMKTS: SIEGY).
In addition, they noted that, “By 2050, around 60% of the global population is supposed to be under the initiative of Smart Cities. Cities are going to be reshaped by advanced technology, modern connectivity with urban essence, and enhanced infrastructure.”
VERSES Technologies Inc. (CBOE: VERS) (OTCQB: VRSSF) Is Set to Benefit
VERSES AI Inc., a cognitive computing company developing next-generation intelligent software systems, announced today a partnership with Analog, a company led by Alex Kipman and backed by G42, to transform Abu Dhabi's urban landscape through smart city projects. This collaboration marks another step taken to advance smart city evolution.
Driven by urbanization, efficient resource management, public safety, and energy optimization, governments are increasingly adopting smart city initiatives to address the challenges of a growing population. These efforts aim to enhance infrastructure in critical areas like mobility, utilities, safety, and healthcare. Reflecting this trend, the smart city market is estimated to reach $3.482 trillion by 2026 (according to the latest report published by Persistence Market Research - "Smart Cities Market: Global Industry Analysis and Forecast 2016-2026).
VERSES has partnered with Analog on Smart City projects in Abu Dhabi in anticipation of this expected market growth. Utilizing VERSES' Genius™ platform, these initiatives will focus on key sectors such as smart mobility, healthcare, and energy, in collaboration with UAE industry stakeholders.
"Abu Dhabi is highly invested in Smart City development, showcasing its commitment to energy and innovative urban solutions. Their real-world applications aim to set a benchmark worldwide. Analog has a transformative vision, and our partnership with them is aimed to contribute to Smart City evolution," said Gabriel Rene, CEO of VERSES.
"Analog is committed to developing human-centric, AI-enhanced urban ecosystems, and we believe VERSES's Genius™ Platform is well aligned for this mission. We believe their platform's distributed, adaptive intelligence is key for developing tomorrow's smart cities. Their adherence to data standards and expertise in spatial and cognitive computing makes them an invaluable partner for Analog as we build our 21st-century smart infrastructure," said Alex Kipman, CEO of Analog.
The projects are expected to be developed and showcased in 2024.
Other related developments from around the markets include:
Qualcomm announced that it will publish the Company’s financial results for its first quarter fiscal 2024 on Wednesday, January 31, 2024, after the close of the market on the Company’s Investor Relations website, at https://investor.qualcomm.com/financial-information. Qualcomm will host a conference call to discuss its first quarter fiscal 2024 results which will be broadcast live on January 31, 2024, beginning at 1:45 p.m. Pacific Time (PT) at https://investor.qualcomm.com/news-events/events.
Cisco Systems continues its efforts to address the digital divide through a new research collaboration with the Organization for Economic Co-operation and Development (OECD). This collaboration aims to help promote a responsible use of technology as well as fairness, inclusion and equitable access in a global digital economy. As digital transformation continues to reshape every aspect of our lives at an intensifying pace, Cisco and the OECD Centre on Well-being, Inclusion, Sustainability and Equal Opportunity are joining forces to examine the complex nature of digital transformation and its role as both a catalyst for progress and a source of potential risks to well-being.
Honeywell International and NXP Semiconductors N.V. announced at CES 2024 that they have signed a Memorandum of Understanding (MOU) to help optimize the way commercial buildings sense and securely control energy consumption. According to the International Energy Agency (IEA), buildings' operations contribute to 30% of global final energy consumption and 26% of global energy-related emissions, so decisions made today will significantly impact future energy use and potential savings. Today's smart energy solutions increasingly leverage machine learning and data analytics to enhance buildings' autonomy and energy efficiency.
Siemens announced an investment of US$150 million in a new high-tech manufacturing plant in Dallas-Fort Worth to help power American data centers and critical infrastructure. This plant will produce state-of-the-art reliable and efficient electrical equipment. It will enable accelerated growth of U.S. data centers, which is being driven by the exponential adoption of generative AI. It will also ensure secure operation of critical infrastructure. This investment specifically supports long-term customers in the data center space, where demand is expected to grow by around ten percent annually through 2030.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for VERSES AI Inc. by VERSES AI Inc. We own ZERO shares of VERSES AI Inc. Please click here for disclaimer.
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