Possibilities for economic prosperity with the application of the smart city concept
Kisin, Jovana ; Mihić, Svetlana ; Vemić Djurković, Jelena
With growing urbanization and all its negative consequences, the smart city concept is one of the most frequently referenced models of urban development. The application of this concept is gaining ...importance, and it is considered as successful development model for achieving a sustainable future and building competitive economies. Essentially, the smart city concept involves the development and implementation of innovative solutions that can improve the lives of citizens in urban areas. This approach already has wide application and is becoming increasingly relevant in the academic literature and among policy makers. The aim of this chapter is to give an overview of the complex smart city concept and to explore the opportunities that open up for overall economic progress by developing the industry of smart cities. The first part of the study provides an overview of demographic and urban trends, with a focus on projections. The second part defines the smart city concept, analyzes key elements and features while emphasizing the different meanings given to the concept and the perspectives through which it has been studied. The last part of the chapter addresses the possibilities of achieving economic development by resolving urban problems and applying different innovative solutions. The approach in this study is based on a review of the literature of relevant academic papers, as well as official documents and reports from international institutions.
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