The dynamic shift brought on by the COVID-19 pandemic has made it crucial for countries to adopt emerging technological trends to facilitate daily life, work and the economy. Smart city development has accelerated in response to change and urbanization, as digital solutions pave the way toward a more liveable future.
The smart city landscape is expanding with the emergence and rising adoption of connected technologies and increasing government initiatives. “The global smart cities market size is expected to grow from USD 410.8 billion in 2020 to USD 820.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period,” according to Research and Markets.
Smart cities will proliferate as 5G/IoT-powered solutions gather valuable information and improve the overall connectivity of citizens and enhance governance and participation.
In addition, as long as the aging population increases, technological provisions are required to help ease the growing pressure on global healthcare systems and community-based services.
Smart cities can have a significant impact on business development by engaging community business owners and municipalities. In order to encourage the greatest level of efficiency, companies tend to have a continuous flow of information with lawmakers about new policies, regulations, taxes, benefits and credit schemes that may be applicable to them. The exchange of data made possible by AI-powered IoT can help support long-term customer relationships and strategic partnerships.
Some of the services that can be offered to citizens include matters like payroll, medical compensation, provision of funding, pension schemes, and bank information. This method conserves resources in services that often require HR involvement or outsourcing.
Smart government initiatives can produce reports and publish data for businesses to make better-informed decisions when forecasting. Higher levels of digital engagement encourages more business transactions which in turn promotes economic development.
In daily life, smart city sensors can be utilized for public lighting, air quality monitoring, localized parking assistance, watering of public parks, among other use cases. For example, the city of Santander in Spain has been recognized for its progressive smart city vision. Parking solutions were implemented in the city as early as 2013. Electronic information and mobile apps keep drivers informed about parking space availability and traffic flow which prevents traffic congestion and accidents in busy commercial spots.