As the world becomes more interconnected, the concept of smart cities is gaining traction as a way to improve urban life. However, the cost of building and maintaining these cities is a significant obstacle, with investment in smart cities projected to reach US$ 325 billion in 2025, far surpassing the financial resources of most cities and governments. Adding to the challenge, over 100 pieces of technology must work together seamlessly to make a city connected and intelligent.
Fortunately, given the proper framework and leadership, the technology industry has a proven track record of reducing costs and integration challenges through standardization, open-source initiatives, and multi-tenant infrastructures. How will the Smart City Tech Ecosystem achieve these goals while promoting equal opportunity, sustainability, responsibility, and social inclusiveness? Achieving these objectives will require collaboration between technology companies, governments, and urban planners to create a sustainable and inclusive framework for building and maintaining intelligent cities while decreasing costs and carbon footprint.