Proving the Business Case for the Internet of Things

Rising energy bill forcing Asia Pacific to invest in smart city tech: Navigant

Iain Morris
July 1, 2014
 
Rising energy costs and “stressed” city finances are among the factors that will spur countries in the Asia Pacific to spend more than $11 billion on smart city technologies in 2023, according to a new study from Navigant Research.

Cities in the region face a number of challenges related to rapid urbanization – not least of which is soaring energy consumption – but emerging intelligent systems may hold the answer, says the market-research company.

In a new report, it says it expects annual investment in smart city technology to grow from $3 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,” said Eric Woods, a 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.”

Navigant says a number of cities in the region have already made substantial investments in smart city technologies and services as they look to address these problems.

More sophisticated programs will offer cities the opportunity to tackle problems of a national scope, reckons the company.

For instance, large developing countries like China and India are now running up against physical resource limits, and intelligent systems can reduce the use of energy and water without limiting economic growth.

Smart infrastructure is also capable of helping developed world cities meet energy efficiency and carbon reduction targets, allowing governments to deliver better services at lower cost.
 
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