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Across the globe, the number of people living in cities will increase to 6.3 billion by 2050, up from 3.6 billion in 2010. It is projected that by 2025 there will be 37 megacities with populations of more than 10 million; 22 of those cities will be in Asia. According to a new report from Pike Research, one consequence of this explosive urbanization will be a corresponding growth in smart city initiatives – characterized by the integration of technology into a strategic approach to sustainability, citizen well-being, and economic development. The smart city technology market will surpass $20 billion in annual value by 2020, the study concludes.