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Smart City Technology

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(San Francisco, California, U.S.A. - Jeffrey M. Wang)


Smart Cities - Driving A Digital Economy

 

 

- Overview

Globally, an estimated 3 million people move into cities every week, and the trend shows no signs of slowing down. As the digital economy develops and matures, the "smart city" movement is gaining momentum. The concept of a smart city can vary from city to city and country to country, depending on the level of development. But simply put, a smart city is an urban area that uses information and communication technology (ICT) to improve people's lives. It is a municipality that uses ICT to improve operational efficiency, share information with the public, improve the quality of government services and the welfare of citizens. 

The main purpose of a smart city is to create a society that can effectively and efficiently utilize urban infrastructure through artificial intelligence. It also focuses on optimizing city functions and driving economic growth, while using smart technologies and data analytics services, as well as IoT devices such as connected sensors, lights and meters, to collect and analyze data to improve the quality of life for citizens. Cities then use this data to improve infrastructure, utilities, services, and more. 

For many, it represents the promise of high-tech cities, with self-driving cars driving the streets, drones delivering food, and ubiquitous connected devices helping city dwellers with a variety of activities. However, this representation does not convey the complexity of the field, in which many issues (such as economics, social impact, environmental sustainability and democratic participation) are intertwined.

 

- Smart Economy and Smart City

Today, approximately 50% of the world's population lives in urban environments. By 2050, this number will increase to 70%. As a monument of modern life and community, a city full of digital technology (smart city) will obviously be affected by the economic infrastructure that underpins every aspect of it. 

Smart Economy and Smart City Retrospectively analyze the concept of smart city, identify the main features of smart city, such as smart economy (smart or 4.0 industry), smart population, smart government, smart transportation, smart environment, smart life, and smart infrastructure. 

The term "smart city" is defined as a new urbanization concept and model based on the fourth industrial revolution and the application of new generation technologies of Industry 4.0 (Internet of Things, cloud computing, cyber-physical systems, big data and other technologies) for planning, construction, Management integration, industrialization, informatization, modernization and sustainable urban development. 

The new digital age has arrived. It opens up endless new possibilities for industries, governments and cities dreaming of a more agile, digital, resilient and sustainable future. 

Imagine being able to redesign your physical operations in real-time to optimize efficiency, productivity and safety, then bring it to life with the click of a button. If you can operate more efficiently and achieve your business and sustainability goals while maintaining operational continuity, what happens regardless of market changes or environmental conditions?

 

- Smart Finance (FinTech) and Smart City

An oft-cited benefit of a closer relationship between consumers and businesses is inclusivity, a more inclusive city. 

Mastercard estimates that 2 billion adults worldwide are "unbanked" and rely entirely on cash for most financial transactions. While the shift away from cash had already begun before the 2020 COVID-19 pandemic, subsequent events have increased interest and growth in digital payments. As the simplicity, transparency and convenience of exemplary digital financial services become apparent, many consumers are opting for a practical measure to avoid exposure to pollution. 

Keeping up with the expectations of modern consumers is arguably the sticking point where smart cities must integrate digital payments into the post-COVID-19 new normal. As a consumer in the digital age, convenience is a hard thing to give up, and often one form of convenience ultimately tells people what to expect in every aspect of life. People are starting to expect next-day delivery, click-and-collect, and access to a wide range of markets. A lot of these things existed before COVID, but now they're in the spotlight. 

Voice-activated business applications go beyond oil and into retail, grocery and many other verticals. This is only going to become more true as IoT (Internet of Things) devices continue to proliferate and 5G enables faster connections between them. In such an interconnected society, the possibility of a truly cashless society driven by the growing popularity of cryptocurrencies and digital wallets seems almost inevitable. 

Digital wallet spending itself is estimated to reach $10 trillion by 2025, an 83% increase from the 2020 figure. Further consumer integration with platforms like Google Pay and Apple Pay could see digital payments surpass their current status as a relative "new thing" as household staples like bill payment bring the same convenience and convenience.

 

- Possible Research Topics

 

 

 [More to come ...]



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