It is a monumental task to transform cities to make them smarter and more sustainable, but investments in the domain can provide just the right financial and technical edge to help these potential tourism hubs take advantage of their unique assets and turn into the most profitable ventures of the future.
Smart cities are actively pioneering growth for various fields, including the travel and tourist industry, as globalization unifies the world. As a result, there is one unifying goal for the leaders leading this new era of innovation. Creating a self-sustaining environment to meet tomorrow’s needs, as well as guiding methods to integrate next-generation technology into millions of people’s lives in order to realize the smart city’s goal.
As this trend gains traction, the industry’s most powerful players have banded together to recognize the enormous potential that smart cities hold for leveraging the many benefits of technological breakthroughs in the area, particularly those related to travel and tourism. It is continually shaping this phenomenon and changing itself to create a way for the future as one of the most nimble sectors in today’s world.
Smart cities are fundamentally a framework that makes use of information and communication technology to facilitate long-term development, of which tourism is an integral part. They are created to incorporate technology for a better quality of life in a technologically advanced environment.
Smart cities provide the whole travel industry a fantastic opportunity to invest in the sector’s future developments, as they continue to improve tourism experiences around the world. They not only improve people’s lives, but they also empower the industry to create large-scale opportunities, such as providing jobs to millions of people, sowing the seeds of mutually beneficial economic and cultural exchanges, and lowering carbon footprints. According to Worldwide News Wire, the global smart city market is expected to develop at a 14.8 percent compound annual growth rate (CAGR) from about 410.8 billion dollars in 2020 to 820.7 billion dollars in 2025, indicating its importance in defining the tourism industry’s future.
Smart cities have the attractiveness of offering a safer environment and updated infrastructure, which attracts investors from all walks of life.
The notion of smart tourism’ is a vertical that is actively contributing to this significant shift in the travel sector for smart cities. This new concept is centered on building innovative tools to increase efficiency and creating trade corridors to attract long-term investments on the back of collaboration, leadership, and information and communication technology tools for an industry like travel & tourism, which is one of the major components of economic growth for communities worldwide. It may be a tremendous asset in attracting global investments that focus on the asset class, such as CMNG Capital and Eurazeo, by continuously upgrading tourism experiences and boosting resource management efficiency. This stage can be especially useful in the post-pandemic world, as the industry tries to resurrect itself while also growing its digital footprint.
Smart tourism is constantly helping institutions connect to not just citizens but a much larger population, making it a priority for stakeholders who are driving this innovation and transforming the smart city landscape to enable tourism and promote trade, thanks to its unique and far-reaching features. It has enormous potential for swiftly expanding India as a viable tourism destination and enabling India’s growth as a future economic power.
The government of India has designated 100 cities for the smart mission. According to official data on the smart cities India website, almost 2,05,018 crores have been invested in the project. Furthermore, out of the 5151 projects suggested, 3,055 have already been finished. The UK government, AFD, World Resources Institute, and the Rockefeller Foundation are among the international organizations that have helped India realize this ambition.
A city is known for its innovative endeavors, and the key to any trade-centric environment is to produce business through the power of tourism, which may be quickly aided by investments in the area. This includes advancements in e-governance, sufficient water supply, sanitation, and waste management, effective public utility management, and financial management. Systematic investments in the area can aid in the development of a well-rounded structure for a future tourist powerhouse that pays off handsomely. IL&FS Energy Development Company, CISCO, Hitachi, Siemens, and NEC Corporation, among others, have made significant investments in this area, resulting in additional jobs.
Existing cities are being transformed into smart cities in a step-by-step process that involves integrating new processes into older systems, paving the way for future self-sustaining tourism attractions. On the back of sophisticated hospitality tools, expanding operations on both international markets and domestic tourism infrastructure plays a crucial role in strengthening the tourism sector. They help in integrating smart cities with the goal of urbanization to curate smart tourism destinations.
It is a monumental task to transform cities to make them smarter and more sustainable, but investments in the domain can provide just the right financial and technical edge to help these potential tourism hubs take advantage of their unique assets and turn into the most profitable ventures of the future. Smart cities can not only help in the implementation of far-reaching measures to ensure future generations can continue to enjoy the city with the promise of great economic rewards for investors, but they can also help in the implementation of extensive trade networks with the promise of yielding capital.
