A report on the economic development of smart cities has revealed the smart city concept could boost the economic development of global cities by more than 5%, delivering at least $20 trillion in additional economic benefits by 2026.
The ambitious figures, which were raised in a report entitled Role of Smart Cities for Economic Development, were discussed during a panel session held in Dubai ahead of next week's Future Cities Show. According to the event's organizers, the huge numbers demonstrate that the economic impact of smart cities has gained momentum, as technological advancements and innovations come to the fore.
"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," said Dawood Al Shezawi, president of strategic marketing and exhibitions at the organizer of the Future Cities Show, which is set to take place in Dubai next week.
"In addition, we expect to witness many environmental sustainability benefits such as reduced carbon footprint – thereby enhancing public satisfaction and the quality of life of the people. All these make investing in smart cities a valuable and worthy endeavor," Al Shezawi added.
According to McKinsey Global Institute, the IoT could have a potential economic value of between $3.9 trillion to $11.1 trillion annually by 2025, while in the Gulf Cooperation Council (GCC) region, a report by A.T. Kearney found that the value of the IoT solutions market in 2025 would amount to $11bn, with a potential economic value of almost $160bn.
Dubai has been at the forefront of developing the technologies and infrastructure for smart cities in recent years, ploughing money and resources into AI, blockchain, IoT and smart mobility solutions as part of the emirate's Vision 2021 plan.
Future Cities Show, which aims to unite leaders to discuss solutions for a smart sustainable future, will be held under the theme "Propelling Globalization through Digital Transformation" at Dubai World Trade Center on April 8–10, 2019.