With the pace of digital disruption we are now seeing a shift away from smart cities to Cities 4.0.
Cities 4.0 is what happens when the digital disruptive trends of automation, IoT, cloud computing, virtual reality, 3D modelling, and other cyber-physical systems come together to fundamentally change city planning, design, construction, governance, financing and operations.
Cities 4.0 will become the norm in a world where intelligent ICT-based machines, systems and networks are capable of independently exchanging and responding to information to manage city processes and systems - coupled with new sharing economy business models and smart analytics that put the consumer or citizen at the centre of these interactions.
The city is now the new innovation platform - it is the engine room where new industries, businesses and start-ups are being formed.
At the heart of this is collaboration - when smart people are combined with emerging sharing economy business models that leverage the internet, IoT, mobile and social technologies the opportunities are endless.
Yet, while cities 4.0 offers unparalleled opportunities to enhance efficiency, improve public safety, and support development, it also presents several important challenges that cities will have to negotiate in order to realise these benefits.