Preliminary smart city study results show investment pays off, if the digital innovation is managed properly
Source: Mass Transit
October 2, 2019
The study looked at 100 metro centers around the globe and found smart city initiatives produce economic, financial and social benefits. However, cyber-risks also grow, making the need for proper management more important.
Preliminary results of the “2019 Smart City Research Initiative, Building a Hyperconnected City” show most of the 100 metro centers evaluated worldwide experienced positive economic, financial and social impacts from their investments. Cyber-risks could also increase if the digital innovation associated with these investments is not managed properly; particularly surrounding financial and payment systems.
The study was conducted during this past summer by ESI ThoughtLab. The company says the study was based on a rigorous benchmarking survey of 100 worldwide cities engaged in smart city initiatives. Cities varied in size from 123,000 to more than 24 million residents and represented a range of income levels, regions and stages of economic development. ESI ThoughtLab partnered with a cross-industry coalition of sponsors for the study, including Deloitte, Oracle, Stantec, Pennoni, Eaton Lighting, NTT Group, Nokia, Cognizant, Visa and Microsoft.
According to the study, 38 percent of cities deploying smart mobility solutions are bolstering customer satisfaction and 32 percent are improving productivity and delivery times for business. Likewise, 45 percent of cities deploying smart environmental and energy initiatives are improving citizen health, 44 percent are reducing pollution and 43 percent are stabilizing energy prices.