Assessment of Economic Benefits of Smart City Initiatives

Abstract

Smart cities are meant to raise people's living standards. However, The Smart Cities view is nuanced and developing. The city's population expansion must be regulated while maintaining environmental safety. This paper examines the economic benefits of Smart City Initiatives utilising twelve expert interviews as part of qualitative research. The thematic analysis results highlighted the value proposition for Smart City Initiatives to establish a Smart Eco-system. Experts emphasised the tremendous economic benefits, yet institutions struggle to strategies implementation methods. Smart Cities' economic systems must be controlled to protect and enhance estate equitably so that current capital is divided evenly or better among city people. A smart city offers various advantages to businesses, governments, and municipalities. In this way, economic benefits give a competitive edge. However, the perception of Smart Cities is still developing. It is gaining popularity as governments worldwide strive to make cities smarter. The new research should focus on assessing smart city economic gains.