Not just the sum of its parts
As “smart” technology proliferates around the globe, the movement within cities to apply these innovations to the most pressing problems has given rise to the concept of a “smart city” – a city which uses information and communication technology (ICT) to improve the sustainability and efficiency of the cities and its services.
Despite this common theme, there is no widely accepted, authoritative definition of what constitutes a “smart city,” and the rules governing its use are ambiguous at best. An example of a smart city is Smart Dubai which was launched in March 2014 with the mission of making Dubai the smartest city in the world by 2017.
In 2015 and beyond, the number and value of smart city initiatives will expand substantially, according to this new new report entitled “Smart cities, not just the sum of its parts ” by Monitor Deloitte, Deloitte’s strategy consulting practice. The majority of new smart city projects globally will continue to be led by European cities and much of the expansion will occur in North American and advanced East Asian cities, followed by cities in the Gulf Cooperation Council (GCC) countries.
Although industry estimates as to the market value of smart cities vary greatly, the report predicts that the smart cities market will increase significantly over the next five years anywhere from over US$400 billion to over US$1.5 trillion by 2020.
While the number of smart solutions that have been developed is huge, a broad global scan reveals several major components of smart city infrastructure and services that have received significant attention. Monitor Deloitte has identified 10 important features that drive the success of smart cities, allowing for an integrated, responsive, forward-looking, well-implemented, efficient public ecosystem for the development of a smart city.