Interactions between governments and citizens, between citizens themselves and between individuals within organisations, such as employers, healthcare systems and educational institutions, all make up the life of a city.
Tony Mulhall, Associate Director, International Professional Standards, RICS
20 March 2018
Increasingly, big data can be used to glean greater knowledge of how cities function for their residents. Smart cities are where big data comes into its own.
Purpose-built smart cities have been conceptualised and constructed as new self-contained developments. This has been estimated to create a $3 trillion global business market over the next 20 years.
Depending on their locations and their primary sponsors, these cities will prioritise different aspects of smart enabling systems. Some will focus on the technologies themselves, while others focus on energy conservation or green city concepts. Those already promoted under the ‘smart city’ banner still largely emerge as real estate enterprises.
Examples of smart city initiatives demonstrating varying degrees of success in meeting their original objectives include:
Stand-alone smart cities for all their technological and environmental specifications are still fundamentally property investment undertakings. They are also still cities. Cities are built by people for people.
Find out more about meeting the challenges posed by the fourth industrial revolution at the annual World Built Environment Forum Summit.
The RICS World Built Environment Forum Summit reconvenes in London in 2018. These two days of cutting edge debates will focus on the commercial strategies needed to harness the enormous potential of the 21st century’s people and places.
The World Built Environment Forum is a global network of professionals combining knowledge, skills and resources to shape the environment global populations need