Abstract
The characteristics of the smart city industry and its effects on the national economy of Korea are investigated using input-output analysis. The definition and industrial classification of a smart city are established using the Delphi technique for experts in various fields, from information and communication technologies (ICT) to governmental policies for urban matters. The results of the analysis, including the production, value added and employment induction effects, show that the smart city industry has intermediate characteristics between ICT and urban construction industries, indicating that acquisition of the competitive edge of both the ICT and construction industries is the key to the success of the smart city industry. The crucial industries related to the smart city industry are identified based on an analysis of the forward and backward linkage effects, the results of which suggest the importance of the relevant service industries. The economic effects on the national economy induced by the governmental program for smart city demonstration are estimated using input-output analysis results. Overall, the results of this study indicate that facilitation of the smart city industry plays a key role not only in the sustainable city, but also in the growth of the national economy.
Highlights
With the ever-continuous evolution of information and communication technology (ICT), “Internet of Things” (IoT) technology has emerged
The value added induction coefficient of 0.6716 stands for the value added to the national economy, equivalent to 0.6541 units in the final demand for the output of the smart city industry
The results of this study show that the effect of employment is equivalent to 6.01 persons in the national economy with a one billion Korean won (0.87 million dollars) increase in the total output of the smart city industry
Summary
With the ever-continuous evolution of information and communication technology (ICT), “Internet of Things” (IoT) technology has emerged. The IoT is defined as an intelligent infrastructure providing “the network of physical objects, e.g., devices, vehicles, buildings and other items, embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data” [1]. Applications of the IoT technology vary according to the scholar, they in general include smart energy, smart health, smart buildings, smart transport, smart living and the smart city, covering the domains of individuals, societies, environments, industries and governance [5,6,7]. The smart city, one such IoT application, is designed for citizens to use intelligent services in an environment where transport, environment, energy, living, governance and civic components are integrated; it enhances quality of life on the individual level, and operates the city in a smart and efficient manner. Several governments expressed interest in the smart city, the establishment of which is expected to resolve a number of problems associated with the deterioration of a city due to excessive urbanization
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
