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By 2022, smart city technology will save 5 trillion US dollars for businesses, governments, and citizens worldwide. If governments, businesses, and citizens do not cooperate well, the true potential of smart cities cannot be developed. While good cooperation will promote the emergence of smart city markets and open platforms, third-party vendors can also ensure the seamless integration of new smart city technologies with traditional platforms and systems.
Soon after the rise of smart cities, the population will increase in the future, and will continue to flow into urban centers around the world. Smart cities need to plan ahead for such situations. ABI Research released a new white paper analyzing the role of cost savings and efficiency in promoting the deployment of smart cities, smart technologies and the development of the Internet of Things. The conclusion is that by 2022, smart cities can save $5 trillion in costs.
According to the report, the use and deployment of the Internet of Things and smart technologies will be the key to the success of smart cities in the future, but the prerequisite is that all parties need to cooperate fully. Urbanization will make urban population and enterprises more and more concentrated. Smart cities, Internet of things technologies, and new sharing and service economic models will be cities to optimize the use of existing assets, maximize efficiency, achieve economies of scale, and ultimately create more sustainable development. The key to the environment. Automation, artificial intelligence, sensors, data sharing, and analysis are essential to help cities save money.
In the future (for the next 5 years), the government, companies, and citizens will be living in typical super smart cities with 10 million inhabitants, so the report further considers the potential for absolute cost savings in this area. This consideration is based on the annual cost savings of 75 cities around the world. The total population of these cities exceeds 5 million (Source: World Atlas). The ABI research report emphasizes that in the future, in each typical mega-smart city, the main cost savings will come from:
Government: Save up to $4.95 billion annually. Street lighting and smart buildings are two areas that can achieve cost savings. Smart street lights are expected to reduce repair and maintenance costs by 30%.
Enterprise: Companies can save $14 billion in costs by using more efficient transportation methods in the area of ​​cargo transportation, such as drones, robots, driverless trucks and trucks, and smart manufacturing plants.
Citizens: Through the deployment of smart meters and microgrids, and the development of a comprehensive education system (offline and online), the utility sector can save up to $26.69 billion annually.
Dominique Bonte, ABI’s research and marketing vice president, mentioned: “Smart city technology offers multiple benefits. The direct cost savings it brings are the key drivers for urban governments, residents and businesses to drive urban innovation; this helps accelerate the return on business investment. Speed, promote project approval and accelerate deployment."
The report cited a B2B technology survey. In March 2017, a total of 455 U.S. companies were surveyed in nine vertical markets. These companies listed the 11 key benefits of implementing innovative technologies. "The reduction in operating costs" almost exceeded "decision making faster and more effective" and became the highest expected return, with a profit margin of 5%.
Rahim Bhatia, general manager of API management at CA Technologies, said: “Smart cities are based on the Internet of Things (IoT) and enable citizens to rethink how they work, live and play.â€
“We are pleased to see that today's local governments can achieve quantifiable results, and application programming interfaces (APIs) play an important role in seamlessly connecting critical infrastructure, turning smart cities into reality. If governments can effectively manage APIs, The API will bring many benefits, including security announcements and repeated use of open data, speeding up the development of applications, and expanding the urban partner ecosystem to help maximize ROI and improve decision-making in all aspects of new smart cities. .
Impact on the company
Companies in large cities (populations with more than 10 million inhabitants) can save up to US$14 billion through the use of smart city technology, accounting for 25% of total corporate costs.
Jim Nolan, executive vice president of InterDigital, said: “We understand the important role of smart cities in our future. This report further confirms the economic and social contribution of smart cities.â€
“If the government, companies and citizens do not cooperate well, the true potential of smart cities cannot be developed. Through good cooperation, it will promote the emergence of smart city markets and open platforms. Third-party manufacturers can also ensure new smart city technologies. Seamless integration with traditional platforms and systems."
This new report points to several use cases of smart city technology. One example is the UK's oneTRANSPORT project, which uses the Chordant platform to use IoT technologies to solve various challenges in transport systems.
The oneTRANSPORT project enables stakeholders including transportation departments, municipalities and third parties to share traffic information, thereby optimizing the transportation network in towns and cities.