Commenting on the grant, Tim Kay, who works out of KPMG’s new offices in Tech City in London, said “This is exactly the type of investment that needs to be made. Connected cities have the potential to improve the quality of life for residents through more efficient physical systems, improved, real-time information about what they want to hear about and reduced energy consumption from smart buildings. Equally importantly they also provide a massive opportunity for the UK technology sector.
“Estimates suggest that the connected cities market could be worth as much as $35bn in the coming years and it therefore has to be hoped that the Future Cities Demonstrator will provide an opportunity for up and coming UK technology companies working in this space to show their skills and products. Too often these companies have had to look overseas for market opportunities, increasing their risks and slowing their growth prospects.”
But there will be challenges, says Tim “Notwithstanding the infrastructure cost of creating connected cities, people will need to become more comfortable with sharing even more data on their location, habits and preferences to fully exploit the undoubted benefits.”