Significance of Smart Cities in 21st Century: An International Business Perspective

The accelerating growth of cities and their disproportionate consumption of physical and social resources are unsustainable, as are the traditional systems cities rely upon to deliver resources. For cities to become both smart and sustainable – more environmentally sound, economically prosperous and socially just – they must integrate the use of big data and ICT both into daily processes and in the pursuit of their pressing goals. Smart cities, as they are presently conceived and understood have enormous potential to open-up in the international business arena through multilateral trading systems as are provisioned under the WTO. This paper explores and discusses the significance and new opportunities of smart cities in international businesses to face the challenges of the 21st Century.