Annual Investment in Smart City Technologies in Asia Pacific Will Reach $11.3 Billion by 2023, Forecasts Navigant Research Emerging intelligent systems for cities are enabling governments to tackle fundamental challenges, report finds
Home to most of the world's largest and fastest-growing mega-cities, Asia Pacific faces unprecedented challenges related to rapid urbanization. Along with the challenges, however, comes the opportunity to rethink approaches to managing these cities, and offer their inhabitants economic opportunities and meaningful quality of life enhancements, using smart city technologies. Click to tweet: According to a recent report from Navigant Research, annual investment in smart city technology in Asia Pacific will grow from $3.0 billion in 2014 to $11.3 billion in 2023.
'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,' says Eric Woods, research director with Navigant Research. '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 labor. Emerging intelligent systems, however, promise solutions, and cities across the region are starting to implement them.'
In many ways, smart city programs offer opportunities to tackle problems of a national scope, according to the report. 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. In addition, smart infrastructure can help developed world cities meet energy efficiency and carbon reduction targets and allow governments to deliver better services at lower cost.
The report, 'Smart Cities: Asia Pacific', provides an overview of the Asia Pacific market for smart city solutions at a crucial point in development. It 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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, 'Smart Cities: Asia Pacific,' is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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