Smart-city technology investments in the Asia Pacific will total $63 billion between 2014 and 2023, says a new paper from Navigant Research, as cities look to address a multitude of contemporary problems, including rising energy costs, congested transportation networks and climate change.
“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,” said Eric Woods, a 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.”
As well as being a “primary driver of global urban development trends”, the Asia Pacific is also the scene of ambitious attempts to address urban problems through the use of smart-city technology.
Examples include India’s Delhi-Mumbai Industrial Corridor, China’s 104 nationally selected smart-city demonstration projects and South Korea’s Songdo smart-city development.
Navigant Research believes these projects will form “laboratories” for future smart-city developments worldwide.