A marketplace is a simple yet potent socio-economic concept that has been around since antiquity. As a place where goods are traded and social contacts built and reinforced, it is an important hub of daily life. The transition to digital for such exchanges has introduced its own value proposition where the scaling effect plays a dominant part in monetisation strategies. But, as with traditional marketplaces, examples such as AirBnB and Uber demonstrate that the merits of the digital marketplaces, too, are defined through the size and value of the community behind it.
Smart Cities, where a number of technological factors play an important role in addressing mobility, environmental protection and quality of life aspects, are an integral part of digital marketplaces. The internet of things has allowed modern cities, equipped as they are with numerous sensors, to collect vast quantities of data and potentially create a Smart City that is an internet of everything, including services. But the true value of the data generated and collected can only be realised by pooling and sharing it with the diverse digital communities that make up the Smart City to provide services across sectors such as energy, mobility, health, etc.