The Smart City Journey Report from Business Insider Intelligence - Business Insider

As populations and urbanization continue to rise, many cities are turning to technology to help them manage resource constraints. In particular, cities will increasingly turn to a section of the IoT known as smart city solutions. Business Insider Intelligence estimates that global investment in the space will reach $295 billion by 2025, more than doubling in just five years from $112 billion in 2019., Business Insider Intelligence takes a deep dive into the evolving smart city solutions market.

The smart city journey is the process through which cities develop their internal capabilities and the framework surrounding the implementation of smart city projects. This includes how a city goes about securing access to funding, prioritizing projects, gathering citizen feedback, selecting private partners to implement those projects, and disseminating the generated data.Leading smart city projects tend to rely on a wide range of financing vehicles, many of which require private partners.

It's essential that the risk of smart city solutions such as congestion management systems are highly protected against cyberattacks, given the tangible consequences it could have. More advanced smart cities will not want to be locked in to single-partner ecosystems so as to avoid overreliance on any one provider.Lays out the three steps of the smart city journey, which starts with projects developed within siloed departments, and ends with open, interconnected solution ecosystems.

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