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Smart Cities Market in India- A $45- $50 Billion Opportunity outlined by the SCOAM model
Sustainability Outlook has developed a Smart Cities Opportunity Assessment Model (SCOAM) which pegs the opportunity for smart cities in India over the next 5 years at $45-$50 billion. The Opportunity Assessment model builds on Sustainability Outlook’s past work related to Smart City Maturity Model focused on creating a framework for smart cities in India.
The Smart Cities Opportunity Assessment Model was released at the Smart Cities India 2015 conference on May 20th in New Delhi. At a session organized by Sustainability Outlook, Upendra Bhatt, Managing Director, cKinetics moderated the discussion on the potential market opportunity presented by government’s 100 smart cities program in context of the SCOAM findings. Panelists included Dr. Sudhir Krishna (Former Secretary, Ministry of Urban Development, India), Prakash Kumar Chandraker (MD & VP for Energy Business, Schneider Electric), Palash Srivastava (Director, PPPI & Programmes, IDFC), Pawan Kumar Sharma (Additional Commissioner, North Delhi Municipal Corporation) and Bedoshruti Sadhukhan (Programme Coordinator - Sustainability, ICLEI). The discussion delved into understanding the point of view of different stakeholders for operationalizing the smart cities plan in India.
“Collaboration amongst stakeholders including policy makers, technology solution providers, Urban local bodies and citizens is the key to unlocking the enormous opportunity presented by smart cities in India”, shared Upendra Bhatt.
The model focuses on four key focus areas, namely, Smart Energy, Smart Water Management, Smart Transportation and Smart Waste Management to estimate the market size for smart interventions through this model. Smart Water management and Smart Energy interventions account for the lion’s share in terms of potential business opportunity in India which is estimated to be USD 14.4 billion and USD 23.4 billion respectively followed by Smart Transportation at USD 6.3-11.6 billion and Smart Waste Management at USD0.9 billion.
The SCOAM analysis covers opportunities represented by smart cities by breaking it down into various components and studying the business case for the different interventions. It also examines the direct and indirect impact of various smart solutions, their ease of implementation as well as applicability according to different city types. The Smart Cities Opportunity Assessment Model (SCOAM) can also be customized to help solution providers identify the market opportunity for specific cities and assess the investability as well as impact created by their smart solutions.
‘Smart Cities’ is the new buzzword in the Indian Infrastructure and development space. Sustainability Outlook is working in the smart cities domain with the objective of clearing the fuzziness surrounding the concept of smart cities, quantifying the benefits and impact of smart solutions and creating collaborative models to help catalyze industry action in the domain in India.
A detailed study on “Opportunity Pathways for Smart Cities Business in India” is being conducted by Sustainability Outlook which will be released in Q2 2015. The study will detail out the market opportunity and also determine the pathways to realize that potential and present a business case for these smart interventions. The market brief on SCOAM and the market size is available at http://sustainabilityoutlook.in/content/smart-cities-45-50-billion-opportunity-india-747624