Developing a smart economy using statistical framework-based business models in smart cities

A smart city's smart economy thrives in various areas, including political strategy, operational efficiency, and innovation management. Business models in smart urban must be based on a new sustainable development strategy, one that conserves natural resources while safeguarding the environment. Therefore, this paper proposes Statistical Business Models (SBM) to enhance the business strategies for developing the economy in smart cities. Economic status in smart cities and changes in business models are part of SBM, a set of design concepts. Smart Business Models (SBM) are business strategies that take advantage of current economic situations by leveraging the power of influential smart communities. The implementation of data systems and business models is the foundation for a systematic study of managing the economy in a smart city. There are several connections between SDM's critical assessments of business models and the global economy and the business models. The experimental findings suggest that the proposed SBM achieves the highest statistical rate with sales revenue up to 95.23 %, gross margin ratio of 80.5%, consumer satisfaction ratio of 96.34%, efficiency ratio of 93.82%, and maintenance cost ratio of 15.08% compared to another existing method.