Evaluation of Economic Benefits of Smart City Initiatives

Abstract

Cities around the world are investing heavily in the design and implementation of Smart City Initiatives. A lot of public money goes into the smart city approach. Not only on the public side, but also for companies, smart city business models in this context are interesting. Global high-tech companies such as IBM, Cisco, SAP Research and Mitsubishi Electric work in large projects in Asia and Arabia. In Germany, there are also large telecommunications companies, mobile companies but also companies close to the city, such as energy suppliers or local IT companies with important knowledge of locality trying to enter the field. The global Corona Pandemic 2020 is accelerating this path too. Various efforts have been made to assess the results of these projects and initiatives. This study offers an analysis of the economic benefits of smart city initiatives. The main drivers and evaluation criteria will be examined to identify and to examine their potential contribution to the development of smart city. This article deals with the economic benefits of Smart City Initiatives. An attempt is made to develop and describe the most important economic benefits as categories from the literature analysis.