Asia Pacific smart city investment to hit $11bn says report

Annual investment in smart city technology in the Asia Pacific region will quadruple in the next decade according to a new report.

The study from Navigant Research predicts that the money ploughed into smart city technology will rise from $3bn this year to $11.3bn in 2023.

Eric Woods, research director at Navigant, said: “For many cities in the developed western world, the adoption of smart cities approaches is a choice: for officials in the mega-cities of Asia Pacific, it is a necessity. Asia smart city

“The list of problems facing contemporary city dwellers in the region includes stressed city finances, inadequate infrastructure, rising energy costs, congested transportation, and competition for global investment and skilled labour.  Emerging intelligent systems, however, promise solutions, and cities across the region are starting to implement them.”

The Navigant report states that smart city programmes offer opportunities to tackle problems of a national scope.  “Large developing countries like China and India now are running up against physical resource limits, and intelligent systems can reduce the use of energy and water without limiting economic growth.”

It adds that smart infrastructure can also help developed world cities meet energy efficiency and carbon reduction targets and allow governments to deliver better services at lower cost.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...