Dubai – Mubasher: The smart city concept is projected to deliver more than $20 trillion in additional economic benefits by 2026, boosting economic progress of global cities by over 5%, according to a recent report entitled “Role of Smart Cities for Economic Development”.
Discussions on the economic impact of smart cities have become more significant and gained momentum amidst non-stop exponential technological advancements and innovations.
The deliberations will be the main focus of the coming Future Cities Show that will run during the period between 8 and 10 April at the Dubai World Trade Centre (DWTC).
The three-day event will be held under the theme “Propelling Globalisation through Digital Transformation”, and it will offer solutions for a smart sustainable future.
“We know of the substantial savings we can generate out of connected infrastructures and intelligent devices, especially in terms of energy and water consumption as well as maintenance and other support costs,” Dawood Al Shezawi, president of Strategic Marketing and Exhibitions, commented.
He added that many environmental sustainability benefits such as reduced carbon footprint, that in return would enhance public satisfaction and the quality of life of the people, are expected to be considered.
In the same vein, the Internet of Things (IoT), a fundamental component of most smart cities, has a potential economic value with an average between $3.9 trillion and $11.1 trillion annually by 2025, McKinsey Global Institute said in a separate report.
The value of the IoT solutions market will amount to $11 billion in the GCC region in 2025, creating a potential economic value of almost $160 billion, McKinsey added.
“With the highest economic potentials of IoT and other technologies, the main force behind the economic performance of smart cities, there is a need to come up with practical models and strategies to fully realise these benefits as well as achieve unprecedented economic growth,” Al Shezawi added.
