If you consider the theory of cause & effect, we need to have a few thoughts about urbanization before getting onto “smart city".
Urbanization refers to the population shift from rural areas to urban areas. It is predominantly the process by which towns and cities are formed and become larger as more people begin living and working in central areas.
And Urbanization is relevant to a range of disciplines, including urban planning, geography, Sociology, architecture, economics, and public health. The phenomenon is closely linked to modernization, industrialization and the sociological process of rationalization.
A smart city is an urban area that uses different types of electronic internet (internet of things: ‘IoT’) connectivity to collect the data from physical devices and everyday objects, and sensors, etc. The data collected is processed and analyzed to monitor and manage traffic and transportation systems, power plants, water supply networks, waste management, crime detection, information systems, schools, libraries, hospitals, and other community services.
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The IoT network integrates ‘information and communication technology’ (ICT) and that allows city officials to interact directly with community and city infrastructure which helps to monitor what is happening in the city and how the city is evolving. ICT is used to enhance quality, performance, and interactivity of urban services and that reduces costs, resource-consumption and to increase contact between citizens and government. Smart city applications are developed to manage urban flows and allow for real-time responses. A smart city may, therefore, be more prepared to respond to challenges than one with a simple "transactional" relationship with its citizens.
Major technological, economic and environmental changes have generated interest in smart cities, including climate change, economic restructuring, the move to online retail and entertainment, aging populations, urban population growth and pressures on public finances.
Statistics by Arup Group:
Arup (officially Arup Group Limited) is a multinational professional services firm headquartered in London estimates that the global market for smart urban services will be $400 billion per annum by 2020. Examples of Smart City technologies and programs have been implemented in Singapore, Dubai, Milton, Keynes, Southampton, Amsterdam, Barcelona, Madrid, Stockholm, China, and New York.