The McKinsey Global Institute (MGI) published an extensive report on smart cities, their possibilities and what factors thrive cities in becoming smarter. A must read for anyone interested in this movement.

Cities are home to more than half of the world’s population, and they are expected to add another 2.5 billion new residents by 2050. They face increasing environmental pressures and infrastructure needs—and growing demands from residents to deliver a better quality of life and to do so at a sustainable cost. Smart technologies can help cities meet these challenges, and they are already enabling the next wave of public investment. It all starts with data. Cities, in all their complexity and scope, generate oceans of it. Finding the insights in all that data helps municipal governments respond to fluid situations, allocate resources wisely, and plan for the future. Furthermore, putting real-time information into the hands of individuals and companies empowers them to make better decisions and play a more active role in shaping the city’s overall performance. As cities get smarter, they become more livable and more responsive—and today we are seeing only a glimpse of what technology could eventually do in the urban environment. This report builds on a multiyear body of McKinsey Global Institute work exploring urbanization and technology.

Click here for the full report! McKinsey Global Institute-Smart-Cities-Report