Investment in smart city information and communication technology (ICT) in Asia Pacific will total $63.4 billion during the period from 2014 to 2023, according to a new report from Navigant Research. The market research firm cites a number of reasons spurring this significant level of expenditure.
- City dwellers and officials in Asia Pacific understand that they are facing rapid urbanization, stressed city finances, inadequate infrastructure, rising energy costs, congested transportation, climate change, and competition for global investment and skilled labor. To meet these challenges, the Asia Pacific region is sharply focused on the latest global urban development trends.
- Governments in the region are already boldly piloting a variety of technologies to solve urban problems, reduce urban energy and resource use, and prepare for future growth. Examples of current efforts include India’s immense Delhi-Mumbai Industrial Corridor, China’s 104 nationally selected smart city demonstration projects, and South Korea’s pioneering Songdo smart city development.
The Navigant Research report, titled “Smart Cities: Asia Pacific,” offers an overview of the Asia Pacific market for smart city solutions at its crucial point in development. The study examines the demand drivers, policies, implementation challenges, and technology issues related to smart cities in Asia Pacific. Market size projections are segmented by region (Australia/New Zealand, Greater China, India, Japan, Southeast Asia, and South Korea) and sector (smart energy, smart transportation, smart water, smart buildings and smart government).