The findings of a report titled ‘Role of Smart Cities for Economic Development’ estimate that the smart city concept has the potential to boost the economic development of global cities by more than 5% and deliver at least US$20 trillion (€17.8 trillion) globally in additional economic benefits by 2026.
The Internet of Things (IoT), a fundamental component of most smart cities, has, in particular, a potential economic value of US$3.9 trillion (€3.4 trillion) to US$11.1 trillion (€9.9 trillion) annually by 2025 as per the estimates of the McKinsey Global Institute.
