Smart cities are the urban landscapes of the future. Powered by the connectivity of the Internet of Things (IoT), smart cities collect data on a variety of factors and employ them to make cities more sustainable. The smart city market is expected to hit 35 billion USD by 2020. Many cities have innovation offices implementing smart city technologies. Business leaders should engage with these that have a vision and understanding of their local needs.
Here are three reasons why business leaders should take advantage of this key moment in smart city development:
- City rules shape how energy is used and how buildings are designed. As digital infrastructure evolves, the rules that govern it will become only more complex.
- The people need ought to shape how a city develops. But frequently, poor communication between the public and private sectors prevents this. Companies that will be affected must start weighing in on policy and planning now.
- Companies such as Uber, Lyft, Expedia and Airbnb have already started to employ technology to meet local transportation and lodging needs. Retailers, restaurants and other service providers can use real-time data to analyze likely consumer choices and adjust pricing accordingly.
Five years ago, it would have been difficult to imagine Airbnb’s experience market or Amazon’s drone delivery. But with smart cities, the companies that dream the biggest for the future will get the best returns.
Smart cities are best positioned to accommodate growing populations, cut down on traffic, provide energy efficiency improvements, reduce infrastructure expenses, modernize public transportation, and provide everyone a greater standard of living. It’s time for city planners and business leaders to fully embrace technology that is changing our lives for the better, and develop the smart cities of the future.