Foreign Property News | Posted by Hnin Ei Khin
The Asia-Pacific region will give rise to around 10 smart cities by 2025, a leading analyst at Frost & Sullivan predicted.
More than half of these will be in China, said Hazmi Yusof, managing director for Malaysia at the market research company. “Several government agendas in this region are driving the building of smarter cities in Singapore, Japan, China, and South Korea. Investments are expected to grow from US$55.6 billion in 2013 to US$260 billion in 2020.”
Eight emerging cities have potential to become full-fledged smart cities by 2030 when their standalone smart-city projects are scaled up.
Smart cities are defined as those that utilise technology and other intelligent solutions, in a responsible and sustainable manner, to manage and improve the lives of their inhabitants. The global smart city industry is expected to generate US$424.68 billion in 2017, according to research from B2B consultancy Markets and Markets.
Communication service providers and network service partners all over Asia have been instrumental in the groundwork for these cities. Telekom Malaysia is building a technology park with a data centre and various organisations providing cloud computing and smart services, while Singtel in Singapore has invested in US$500 million on smart city technology platforms and infrastructure.
“Connectivity will be a key enabler while designing an omni-channel experience platform across all touch points including online and mobile,” said Hazmi. “Data from sensors will enable new technologies to integrate softer aspects, such as customer perception and citizen awareness.”
Ref: Property Report
