Saving cities US$5 trillion with smart, sharing technologies

By Zenobia Hegde

The rate of global urbanisation is growing exponentially. But while living in cities offers both social and economic opportunities, the rising costs of living are threatening to increase social inequality, slow down economic growth, and increase levels of crime.

Smart cities, and the technologies that underpin them, are hailed as a significant solution to this problem, and are set to reduce costs for governments, citizens and enterprises alike. In fact, a recent report published by ABI Research, in partnership with Chordant and CA Technologies, reveals smart city and IoT technologies have the potential to save governments, enterprises and citizens globally over $5 trillion (€4.09 trillion) by 2022, says Jim Nolan, executive vice president, Chordant at InterDigital.

Specifically, it is new sharing and service economy paradigms, and the “Internet of Things” along with artificial intelligence (AI) and automation, that will play a leading role in driving these cost savings.

Cutting costs for governments

Governments can benefit tremendously from the implementation of IoT technology and sharing economy business models in energy, water utilities, transportation, and crime and vandalism.

Energy savings is perhaps the first, and most obvious cost benefit of IoT and smart city technology. Turning street lights into smart, connected systems with intelligent on/off cycles, for example, could yield a 30% cost saving for governments.

When it comes to water utilities, advanced leak detection systems can drive direct cost savings by removing the need for manual inspection, while opportunity cost savings can be made through water waste management and waste prevention systems. These cost savings, in turn, help to reduce end-user prices.

Transportation is a major cost centre in government budgets, but adding smart technology such as electronic toll collection (ETC) vehicle to infrastructure (V2I) technology, as well as intelligent traffic light systems, can optimise the use of existing road capacity.

In regard to government services such as waste collection, mobile resource management (MRM) technology can dispatch, manage and monitor field workers, while the deployment of smart garbage bins can enable real-time, remote fill-level monitoring, and therefore the timely dispatch of garbage collection trucks. This isn’t a fantasy, they’re already in use in Dubai. This enables waste collection fleets to run more efficiently and results in fewer trucks on the road. In fact, this form of smart waste collection has the potential to reach cost savings of 30%.

Finally, AI-based automation for surveillance cameras, along with data optimisation, can reduce the costs associated with monitoring and analysing video footage in support of crime reduction. AI technology can also be used to complement surveillance cameras with crowd sourced intelligence such as data captured from social sites, as well as smartphone footage from citizens.

By taking advantage of these different technologies, city governments in mega cities (a metropolitan area with a total population in excess of ten million people) globally could save up $58 billion (€47.40 billion) annually.

Affordable services for citizens

Smart city technologies are not only key for driving cost savings for governments – they play just as important a role in reducing costs for citizens. After housing, mobility presents the second largest item in family […]

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Posted on: January 17, 2018

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