https://www.iotworldtoday.com/wp-content/themes/ioti_child/assets/images/logo/footer-logo.png
  • Home
  • News
    • Back
    • IoT World 2020 News
  • Strategy
  • Special Reports
  • Galleries
  • Business Resources
    • Back
    • Webinars
    • White Papers
    • Industry Perspectives
    • Featured Vendors
  • Other Content
    • Back
    • IoT World 2020 News
    • Q&As
    • Case Studies
    • Features
    • How-to
    • Opinion
    • Video / Podcasts
  • More
    • Back
    • About Us
    • Contact
    • Advertise
    • Strategic Partners
  • IOT World Events
    • Back
    • Internet of Things World: San Jose
    • IoT World 2020 News
Iot World Today
  • NEWSLETTER
  • Home
  • News
    • Back
    • IoT World 2020 News
  • Strategy
  • Special Reports
  • Galleries
  • Business Resources
    • Back
    • Webinars
    • White Papers
    • Industry Perspectives
    • Featured Vendors
  • Other Content
    • Back
    • IoT World 2020 News
    • Q&As
    • Case Studies
    • Features
    • How-to
    • Opinion
    • Video / Podcasts
  • More
    • Back
    • About Us
    • Contact
    • Advertise
    • Strategic Partners
  • IOT World Events
    • Back
    • Internet of Things World: San Jose
    • IoT World 2020 News
  • newsletter
  • IIoT
  • Cities
  • Energy
  • Homes/Buildings
  • Transportation/Logistics
  • Connected Health Care
  • Retail
  • AI
  • Architecture
  • Engineering/Development
  • Security
ioti.com

Smart Environments


trillion

Are You In the Trillion Dollar Data Business?

Smart cities collect a ton of data. It's a good thing, too. Just some of the data collected by the world's cities could be worth $7 trillion.
  • Written by Jesse Berst
  • 23rd August 2016

You likely already understand the potential of data to transform your city. But a report from TM Forum suggests another good reason to invest in data: It can give your economy a huge boost. In fact, just some of the data collected by the world’s cities could be worth $7 trillion.

We’ve long believed in the economic power of data. Las Cruces, NM, uses data to give its businesses a competitive advantage. Quebec uses its data to help businesses and job seekers find each other. Palm Springs, CA, used data to make its downtown more attractive to out-of-towners, the people who did most of the shopping there.

But if a tight budget is holding your city back from doing projects like these, the report suggests some may be willing to pay you to unlock your data. Before we get into the tips, here’s a big one: Don’t do anything that jeopardizes the public’s trust! Citizens are watching.

How much is the data worth?
There is tremendous interest in several categories of data: education; transportation; consumer products; electricity; oil and gas; healthcare; and consumer finance.

And just those seven categories could unlock $5 trillion a year in new economic value, either through open data or private partnerships, according to a report by McKinsey. Entrepreneurs are already taking advantage of it.

Will anyone pay you for it?
TM Forum finds reasons to be optimistic, but so far the revenue has been small. The English town of Milton Keynes is already building systems that will allow it to charge for data, but there are a lot of unknowns.

The report finds while the potential is there, until the city starts charging for the data, there’s no way to know what it is actually worth. For its part, Milton Keynes says it doesn’t want to hamper progress by waiting to release data until the systems are in place.

Still, even if nobody pays you directly for the data, the overall economic benefit can be worth it.

What about privacy?
Whatever you do, don’t risk losing the public’s trust. The research finds that people are increasingly aware that their data has value and they don’t want it to be misused.

Case in point: England planned to make some patient records available in a database for researchers. It was for a good cause; the researchers would be using the data to improve health care. There was a huge uproar, however, and the project was scrapped.


Jesse Berst is the chairman of the Smart Cities Council, which helps cities use technology to become more livable, workable and sustainable. Learn about the Council’s second-annual Smart Cities Week, September 27-29 in Washington, D.C., at SmartCitiesWeek.com.

This article was originally published on our sister publication American City & County.

 

Tags: Article Smart Environments Vertical Industries

Related


  • IoT Implementation Trends
    Most organizations have IoT plans but many aren’t sure how to achieve them
  • Smart City
    How Four U.S. Cities Plan to Fund Smart City Initiatives
    To succeed, smart city initiatives need adequate financial support. Here is how two cities in Nevada, one in Oregon and another in Missouri are approaching smart city deployment and funding.
  • case-study-image
    SweetSense Uses IoT to Improve Access to Safe Water in Developing Countries
      Sponsored by: SweetSense, Inc., is a social enterprise applying remote- monitoring solutions to improve performance of remote water, energy, and infrastructure projects in developing countries. With more than 1,000 sensors in 12 countries, SweetSense is leading the shift to a more data-driven, accountable, and transparent global development sector. As part of its social initiative, […]
  • mktg-wp-nolabel2.jpg
    Connectivity Evolution: M2M vs. IoT vs. IoE
      Sponsored by: This paper defines and gives examples of M2M, IoT, and IoE overlapping technologies, how they are similar or different, and how they have evolved over time to improve business efficiencies, produce multiple new revenue streams, or simply enrich the quality of life. Download Now

Leave a comment Cancel reply

-or-

Log in with your IoT World Today account

Alternatively, post a comment by completing the form below:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Related Content

  • Funding Available for Critical Infrastructure Security
  • Smart Streetlight Project: IoT Network Building at City Scale
  • Smart City Security: Atlanta Cyberattack Cripples City
  • Verizon, NVIDIA Working on Real-Time Video Analysis

News

View all

Webex Collaboration Banks on Hybrid Workplace Model at Cisco Live 2021

2nd April 2021

Cisco Enlists Networking Automation, CX Cloud in COVID-19 Response

31st March 2021

White Papers

View all

Telehealth and COVID Infographic

30th March 2021

Medical Supply Chain Management with Smart Devices and Sensors

30th March 2021

Special Reports

View all

Cybersecurity Protection Increasingly Depends on Machine Learning

28th October 2020

Webinars

View all

Weber’s Journey: How a Top Grill Maker Serves Up Connected Cooking

25th February 2021

From Insights to Action: Best Practices for Implementing Connected Device Security

15th December 2020

Galleries

View all

Top IoT Trends to Watch in 2020

26th January 2020

Five of the Most Promising Digital Health Technologies

14th January 2020

Industry Perspectives

View all

IoT Spending Holds Firm — Tempered by Dose of ‘IoT Pragmatism’

1st December 2020

The Great IoT Connectivity Lockdown

11th May 2020

Events

View all

Embedded IoT World 2021

28th April 2021 - 29th April 2021

The Virtual Industrial AI Summit

29th June 2021 - 30th June 2021

IoT World 2021

2nd November 2021 - 4th November 2021

Twitter

IoTWorldToday, IoTWorldSeries

🥳Happy #IoTDay! How are you celebrating? We're giving $50 off All Access Passes to join our upcoming virtual event,… twitter.com/i/web/status/1…

9th April 2021
IoTWorldToday, IoTWorldSeries

🎉 Announcing #EIOTWORLD sponsor, @InnoPhaseinc — a fabless wireless semiconductor platform company specializing in… twitter.com/i/web/status/1…

8th April 2021
IoTWorldToday, IoTWorldSeries

Digital Health Infrastructure Benefits From Cloud-to-Edge Architecture dlvr.it/RxBwQ4 https://t.co/AILVdUVWDA

7th April 2021
IoTWorldToday, IoTWorldSeries

Meet the #EIOTWORLD keynote lineup: Google, Facebook, Linux Foundation, STMicroelectronics, Antmicro, OpenHW Group,… twitter.com/i/web/status/1…

6th April 2021
IoTWorldToday, IoTWorldSeries

Network Data Analytics Supports Back-to-Work Health and Safety dlvr.it/Rx5xlL https://t.co/VvxxpdUMJ3

6th April 2021
IoTWorldToday, IoTWorldSeries

IoT Cybersecurity Act Places Security Onus on Device Makers dlvr.it/Rx2jHK https://t.co/fyd3nQ1r1Z

5th April 2021

Newsletter

Sign up for IoT World Today newsletters: vertical industry coverage on Tuesdays and horizontal tech coverage on Thursdays.

Special Reports

Our Special Reports take an in-depth look at key topics within the IoT space. Download our latest reports.

Business Resources

Find the latest white papers and other resources from selected vendors.

Media Kit and Advertising

Want to reach our audience? Access our media kit.

DISCOVER MORE FROM INFORMA TECH

  • IoT World Series
  • Channel Futures
  • RISC-V
  • Dark Reading
  • ITPro Today
  • Web Hosting Talk

WORKING WITH US

  • Contact
  • About Us
  • Advertise
  • Login/Register

FOLLOW IoT World Today ON SOCIAL

  • Privacy
  • CCPA: “Do Not Sell My Data”
  • Cookies Policy
  • Terms
Copyright © 2021 Informa PLC. Informa PLC is registered in England and Wales with company number 8860726 whose registered and Head office is 5 Howick Place, London, SW1P 1WG.
This website uses cookies, including third party ones, to allow for analysis of how people use our website in order to improve your experience and our services. By continuing to use our website, you agree to the use of such cookies. Click here for more information on our Cookie Policy and Privacy Policy.
X