Toronto beat cities such as Paris, Chicago and Montreal.
According to the group's Cities of the Future Index, each city is evaluated on four separate areas, Digital Life, Mobility Innovation, Business Tech Infrastructure and Environmental Footprint, to determine how intelligent and sustainable they are.
Toronto was ranked the 12th best smart city in the world in the study's "metropolitan areas with populations over 3 million people" category, being bested by cities like New York, London and Tokyo.
When it comes to digital life, Toronto scored high for having some of the best health care innovations. On top of that, the 6ix was also praised for its ePayments systems and green energy.
Other Canadian cities to make the list included Montreal, which ranked 17th in the over 3 million category, as well as Vancouver and Quebec City which placed 14th and 26th in the 600,000 to 3 million population column.