Strategic Partnerships to Speed up Smart City Projects
Businesses and governments have realized the tremendous potential of smart cities as organizations proceed to explore the various applications of IoT and interconnected responsive networks. Until recently, city authorities considered smart technologies mainly as tools for improved efficiency in the background. Now technology is more directly being infused into the daily lives of citizens. Cities are now moving beyond the experimental stage, relying on data and digital technology to offer citizens more meaningful and relevant results. Smartphones have become essential for today’s cities, providing millions of people with real-time information about traffic, transit, safety alerts, health services, and community news.
Demand for smart city projects to increase in coming years
A smart city is one that makes use of technology to deliver service and resolve urban problems. A smart city optimizes transport and accessibility, promotes sustainability, enhances social services, empowers its residents, and improves the overall quality of the life of citizens. A smart city’s key objectives are to increase policy efficiency, minimize waste and discomfort, improve economic and social quality, and increase social inclusion.
The adoption of data-sharing and gathering smart technologies such as the information communication technologies (ICTs) and Internet of Things (IoT), and contactless payment technology are a few key features of a smart city. These technologies could be used across various sectors ranging from sewage treatment and traffic jams to energy usage and air pollution.
Smart city solutions are being adopted due to rising urbanization trends and a desire for a better quality of life around the world. Various government digital city programs and the growing demand for better natural resource management in urban contexts aid the development of smart cities across numerous countries. Furthermore, the growing demand for public safety and security propels the smart city industry forward. According to Allied Market Research, the global smart cities market is anticipated to grow at a significant CAGR of 25.2% from 2021 to 2030. The increase of the IoT industry and its use in digital cities, and the emergence of artificial intelligence in smart cities, is expected to present multiple opportunities for market expansion in the coming years.
Partnership to speed up smart city development projects
Market players are investing in the latest technologies and adopting strategic partnerships to speed up the development of smart cities. A New partnership between CAICT and World Economic Forum aims to accelerate digital twin technology to transform cities. Digital Twin Cities: Framework and Global Practices is the first product of multi-year cooperation that brought together public and private sector players to expedite the development and deployment of digital twin technologies in cities. The alliance will also help to solve unanticipated data quality and security issues that arise as a result of the digital model of the real world.
The digital twin city is a novel idea that proposes a concept of urban design and construction for potential sustainable development that successfully integrates digital technology with urban functional mechanisms, paving the way for urban upgrading. With precise virtual-real integration, mapping, and intelligent feedback of digital and physical cities, it supports safer, more efficient urban operations and improved inclusive and convenient everyday services. It also assists in the development of more low-carbon and sustainable surroundings. Digital twin cities will help a comprehensive understanding of complicated urban systems, which is much needed to address the enormous systemic concerns of today’s era.
Another couple of organizations joined hands for the fast-paced development of smart city projects. The city of West Hollywood partnered with Black & Veatch to promise fast-moving smart city solutions before the start of its initiatives. WeHo required technical assistance in order to incorporate several smart city technologies into the physical environment. Prior to the beginning of smart city projects, WeHo developed a procurement pathway that allowed access to a group of technical experts. This partnership will help WeHo by providing a consistent solution set, avoiding duplication of digital investments, and improving asset optimization.
The Covid-19 pandemic has highlighted the significance of data-driven operations in enabling more resilient and future-ready regions while also highlighting the additional security and governance issues which come with digitalization. The outbreak of Covid-19 is likely to offer lucrative opportunities for the global smart city market in the upcoming years. This is owing to a rise in digital transformation trends in various parts of the globe during the course of the time. In addition, numerous countries across the world are more likely to concentrate on solutions that can help improve efficiency during the post-pandemic era. Governments are expected to make noteworthy investments in smart city solutions in the near future.