$67 Billion – The Boost to the Current GDP of the World's Ten Richest Cities by Realizing the Full Benefit of the Internet of Things
BARCELONA, Spain, October 31, 2013 /PRNewswire/ –
AGT International forecasts the immediate economic benefit of connecting billions of devices in the world's wealthiest metropolises as it announces new UrbanShield(TM) platform
AGT International, a market leader in making data accessible and actionable from connected devices and information sources has forecast that the Internet of Things could increase the current GDP of the world's ten richest cities by $67 billion. To unlock this potential, it is vital that cities understand the scale of the opportunities presented to them by investing in the Internet of Things as the world becomes increasingly urbanized.
Gartner recently forecast "by 2020 there will be up to 30 billion devices( http://www.gartner.com/newsroom/id/2602817 ) connected with unique IP addresses most of which will be products", up from 2.5 billion in 2009. They predict that the total economic value add for the Internet of Things will be $1.9 trillion in 2020. On this basis, the wealth of the world's ten richest cities could be boosted by an additional $67 billion if this potential could be realized on their current GDP.
AGT International also announced today the release of its latest version of the Internet of Things platform for cities: UrbanShield(TM) 6.0. UrbanShield(TM) is at the heart of AGT International's city solution – a central public safety system leveraging the Internet of Things. It is empowered by advanced analytics that integrate and analyze the constant stream of data from sensors to identify abnormal behaviours, creating a single view for decision makers. UrbanShield(TM) 6.0 now provides enhanced support for a variety of city sensors including mobile apps for citizens and for first responders; dry contact sensors; waste bin sensors; social network monitoring and sound sensors.
Mati Kochavi, CEO and Founder, AGT International, said: "We have more information at our fingertips today, than at any time in history. Cities are the heartbeat of our economies and growing at a phenomenal rate. One of the biggest challenges of the Internet of Things is the amount of data to be processed and analyzed in a timely manner. AGT International's unique capability in data fusion and analytics allows relevant information to become actionable, and the Internet of Things a reality for public safety and security. Our solutions provide enhanced visibility enabling people, governments and businesses to make faster and better decisions today, while being ready to integrate the devices and data of tomorrow."
Speaking at the Internet of Things World Forum( http://www.iotwf.com/#sthash.7ZPYbp4n.dpbs ) in Barcelona, Geoffrey Baird, President and General Manager, Product & Technology Business Unit, AGT International, said: "We are delighted to present UrbanShield(TM) 6.0 with a new analytics and big data engine. This new version correlates a wide variety of data sensors to identify city incidents and threats whilst supporting and increasing the credibility of multiple sensor and data analytics processes. With this growth of data and analytics, cities are facing a huge amount of false positive alerts which are now significantly reduced by our enhanced city solution."
Peter Sondergaard, Senior Vice President, Gartner Research, explained at the Gartner Symposium/ITxpo: "The Digital Industrial Economy will be built on the Nexus of Forces – which includes a confluence and integration of cloud, social collaboration, mobile and information – and the Internet of Things by combining the physical world and the virtual."
"Digitalization exposes every part of your business and its operation to these forces. It is how you reach customers and constitutions; how you run your physical plant; and how you generate revenue or deliver services. Enterprises doing this today are setting themselves apart and will collectively lead the new Digital Industrial Economy," (Gartner Press Release, "Gartner Says it's the Beginning of a New Era: The Digital Industrial Economy" October 7, 2013 http://www.gartner.com/newsroom/id/2602817 ).
Throughout 2013, AGT International's extensive research team has focused on harnessing the Internet of Things and Big Data Analytics. AGT's Darmstadt and Singapore Smart City Labs continue this research into safety and security across urban areas. In addition to its work in Singapore, the company has also implemented major projects connecting cities to increase safety and security in China and the Middle East.
1. About AGT International
Founded in 2007, AGT International is revolutionizing public safety and security by connecting previously unlinked devices and data to make relevant information accessible and actionable for decision-makers and citizens. We use deep domain expertise to collect, analyze and identify the most relevant data. Every problem is unique, so are our solutions. We are always pioneering, making the world safer by leading the integration of devices and new information sources and successfully delivering some of the world's largest and most sophisticated security and safety projects.
Our solutions provide enhanced visibility to enable people, governments and businesses to predict, visualize and manage complex environments. Our advanced proprietary software powers cloud-based knowledge solutions that make connected sensors and data accessible and deliver services that aid complex problem solving.
Headquartered in Zurich, Switzerland, the organization employs 2,400 people globally. AGT International is privately held and led by Founder and CEO, Mati Kochavi. For more information, please visit http://www.agtinternational.com.
2. About the Internet of Things World Forum
The Internet of Things World Forum is taking place from October 29-31, 2013 in Barcelona, Spain. The event will bring together global leaders, professionals and innovators representing markets such as manufacturing, transportation, oil and gas, utilities, healthcare, sports and entertainment, education and retail. More information on the Internet of Things World Forum is available at http://www.iotwf.com
3. The growth of cities
The World Health Organization estimates( http://www.who.int/gho/urban_health/situation_trends/urban_population_growth_text/en ) that today the number of urban residents is growing by nearly 60 million every year. It expects the global urban population to grow roughly 1.5% per year between 2025 and 2030. By the middle of the 21st century, the urban population will almost double, increasing from approximately 3.4 billion in 2009 to 6.4 billion in 2050. Global City Indicators Facilities( http://www.cityindicators.org/Deliverables/GCIF%20Cities%20and%20Prosperity%20Report%20E1(S)Final_4-24-2013-1213456.pdf ) say that cities now account for 70% of global GDP. And by 2025 there will be another 1.2 billion people joining our already bursting cities, 95% of these in developing countries( http://www.rolandberger.com/GlobalTopics/media/pdf/GT_8bn_Introduction_final.pdf ). The growth of megacities, those with more than ten million inhabitants, is phenomenal, with McKinsey predicting that such urban sprawls will grow in number from 23 today to 36 in 2025( http://www.mckinsey.com/insights/urbanization/whats_the_biggest_limit_on_city_growth ).
4. The potential economic benefit of the Internet of Things to the world's richest cities
Credit Suisse has calculated( http://www.prnewswire.com/news-releases/credit-suisse-global-household-wealth-falls-52-to-usd-223-trillion-with-eurozone-crisis-as-backdrop-173564661.html ) that the total global household wealth in mid-2012 totaled $223 trillion. Gartner's projection that the Internet of Things could contribute to economic growth by 2020 of $1.9 trillion is equivalent to 0.852% of the current global wealth. If this benefit could be realized now it would boost the GDP of the world's ten biggest cities by $67 billion. The ten richest cities in 2012, according to The Brookings Institute( http://www.brookings.edu/research/interactives/global-metro-monitor-3 ) – and the potential economic boost to their current GDP – are as follows:
Potential GDP boost
from the Internet of
Name of city Current GDP Things Increase
Tokyo, Japan $1,520 billion $1,533 billion $13 billion
New York, United States $1,120 billion $1,130 billion $10 billion
Los Angeles, United
States $789.7 billion $796 billion $7 billion
Seoul, South Korea $773.9 billion $780 billion $7 billion
London, United Kingdom $731.2 billion $737 billion $6 billion
Paris, France $669.2 billion $675 billion $6 billion
Osaka, Japan $654.8 billion $660 billion $6 billion
Chicago, United States $524.6 billion $529 billion $4 billion
Moscow, Russia $520.1 billion $525 billion $4 billion
Shanghai, China $516.5 billion $521 billion $4 billion
Total $7,820 billion $7,887 billion $67 billion Media Contact
AGT Group GmbH
8001 Zurich, Switzerland
SOURCE AGT International