A smart city is the one that has digital technology embedded across all city functions. Using sensor-actuator networks and cloud technologies we can enhance the quality and performance of urban services, reduce cost and resource consumption, and engage more effectively and actively with its citizens. This paper focuses on the economic impact of IOT in the development of a city and we stand by the view of “Connecting People, Process, Data, and Things to improve the ‘Livability’ of Cities and Communities”.