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Can smart cities save money?

Smart cities can offer a wide range of benefits including environmental quality, safety, time and convenience, civic participation and cost of living. 

In the next three decades, the rate of urbanisation is expected to grow steeply due to the rising population levels and the adaptation of new technologies. 

Urban areas have long been the engines of economic growth and opportunity, which is only going to increase with the introduction of smart city technologies, with the global market expected to hit $97.9 billion by 2026.

An analysis of 750 cities around the globe found that from 2005 economic growth in 72% of these cities outpaced their respective national economies, with the world’s top 600 cities expected to amount to 60% of global GDP by 2025.

This growth of smart cities can help reduce the expenditure for everyone in the city, including businesses, local authorities and the citizens.

Local authorities

Introducing IoT technology can help local authorities with their smart city journey, allowing them to streamline their services.

Using sensors such as waste management, intelligent lighting and flood management, local authorities can gather data that shows how their services are used and can make data-driven decisions on how to improve them.

Intelligent lighting allows them to reduce energy consumption and maintenance costs, flood management allows them to take early preventative action against surface water flooding, and waste management sensors allow them to alter their pickups to the optimum time.

Citizens

With the improvement of public services provided by the local authorities and the booming economy, citizens are able to save money through the reduced prices of services and products.

Research by McKinsey Global Institute suggests that smart city technologies can reduce citizen expenditure by up to 3%.

Businesses

Smart city technologies can help businesses by providing them with a way to gather information to demonstrate how their services are used.

Using this comprehensive and real-time data, businesses have the ability to watch as events unfold, understand how consumer patterns are changing and respond with appropriate solutions.

 

What Pinacl can offer

Pinacl is one of few companies that can deliver the end to end infrastructure and applications that are fundamental to any smart city, from designing and implementing a network to installing IoT sensor technologies. 

Pinacl is a market leader in digital transformation and is currently working with a number of councils who are keen to trial and adopt these new technologies, recognising the potential for a rapid return in investment from Pinacl’s IoT solutions. 

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