This is how much Asia Pacific will spend on smart city initiatives this year

Spending on technologies that enable smart city initiatives in Asia Pacific will reach USD30 billion this year, according to the latest Worldwide Semiannual Smart Cities Spending Guide by IT market intelligence firm IDC.

The study, which excludes Japan, further found that spending in the region will accelerate in the next few years, reaching USD54.4 billion in 2022.

"Cities in the Asia Pacific are challenged to continually deliver smart, livable, and sustainable urban ecosystems by harnessing technology innovations and widespread collaborations,” said Gerald Wang, head of public sector at IDC Asia/Pacific, in a statement.

"This also requires clarity around implementation policies that are focused on the building and financing of city infrastructures as well as new city digital services in the long-term," he added.

Tech related to fixed usual surveillance, advanced public transit, intelligent traffic management and smart outdoor lighting will mark more than 35 percent share of the overall spending in 2018. In China alone, the use of fixed visual surveillance will account for 17.3 percent of spending this year.

Around 20 million security cameras, facilitated by artificial intelligence (AI) technology, have been deployed to locate and track criminals across China.

Data-driven public safety and intelligent transportation are the two priority investments in the region due to its growing urban population, reported Malini Swamy, market analyst at IDC Asia/Pacific.

Ref: Propertyreport