Asian Smart City Spend to Exceed $42 Billion in 2028

BASINGSTOKE, England--(BUSINESS WIRE)--#smartcitiesmarket--A new study from Juniper Research, the foremost experts in the sustainability & IoT market, has selected Shanghai as the leading smart city in Asia in 2023.

The top 5 smart cities ranked by Juniper Research are:

1. Shanghai
2. Seoul
3. Shenzhen
4. Sydney
5. Beijing

Juniper Research’s ranking of 50 world cities is based on an evaluation of many different smart city aspects, covering transportation and infrastructure, energy and lighting, city management and technology, and urban connectivity.

The research analysed Shanghai as leading due to its strong data platform, comprehensive deployment of 5G, and use of innovative technologies, including digital twins. This comprehensive approach reflects a well-considered and progressive smart city design, which can be seen as an example for other cities to emulate.

Research co-author Nick Maynard explained: “Creating an effective smart city strategy means more than just looking at a technical design – it means developing a comprehensive approach that actively solves challenges that citizens face in their lives. Congestion is a major challenge, and we will see more focus on smart mobility, adapting urban environments for better traffic flow, as environmental concerns become increasingly prominent.”

For further details, see the new report, Smart Cities Market: Growth, Trends & Market Forecasts 2023-2028, or download a free sample.

Asian Smart City Spend Growing by 120%

• Hardware and software spend on smart city deployments in Asia is forecast to reach $42 billion by 2028, from $19 billion in 2023.
• Spend is growing much faster in Rest of Asia Pacific, at 303% over the next 5 years, compared to Indian Subcontinent at 231% and Far East & China at 76%, over the same period.

Growth in Far East & China is slowing, with smart city projects being more mature in countries like China, Japan and South Korea. However, emerging markets such as Indonesia, Thailand and Vietnam will boast much stronger growth, as smart city initiatives get underway, and cities build the comprehensive data systems needed for success.

Smart Cities market research: https://www.juniperresearch.com/researchstore/sustainability-technology-iot/smart-cities-research-report

Download the free sample: https://www.juniperresearch.com/document-library/white-papers/unlocking-the-potential-of-smart-cities

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary.

Contacts

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