Smart City Technology Investment in Asia Pacific to Total $63 Billion from 2014 through 2023, Forecasts Navigant Research

Smart city innovations are critical to meeting the challenges of rapid urbanization and driving national competitiveness, report finds

BOULDER, Colo. — The list of problems facing contemporary city dwellers and officials in Asia Pacific includes rapid urbanization, stressed city finances, inadequate infrastructure, rising energy costs, congested transportation, climate change, and competition for global investment and skilled labor, all of which place unprecedented demands on cities. Emerging intelligent systems, however, promise solutions, and cities across the region are starting to implement them. According to a new report from Navigant Research, cumulative investment in smart city technology in Asia Pacific will total $63.4 billion during the period from 2014 to 2023.

“Asia Pacific is home to most of the world’s largest and fastest-growing urban areas, and smart city technology is becoming a crucial element of their future development,” says Eric Woods, research director with Navigant Research. “Working with an evolving mix of international and regional smart city technology firms, governments in the region are piloting a variety of technologies to solve urban problems, reduce urban energy and resource use, and prepare for future growth.”
 
With its large number of densely populated megacities and rapidly growing economies, the Asia Pacific region is a primary driver of global urban development trends. It is also the home of some of the most ambitious attempts to direct and channel those trends to national development goals, such as 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. According to the report, these will form the laboratories for future smart city development worldwide.

The report, “Smart Cities: Asia Pacific”, provides an overview of the Asia Pacific market for smart city solutions at a 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, 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), extend through 2023. The report also provides a comprehensive assessment of smart city initiatives in Asia Pacific and profiles the key industry players in the region.