Urbanization is a worldwide phenomenon, but most of the world’s largest and fastest-growing urban areas are found in Asia. Smart city technology is becoming an essential element in the development of Asian megacities. There are several smart city initiatives already underway in Asia. For example, the new Indian government's just released budget includes an allocation for initiating the development of 100 smart cities.
Songdo IDB in Korea and Fujisawa in Japan are two smart cities already under development. China has 36 smart cities in development and a low carbon model city in Tianjin. Singapore plans to become a smart nation by 2015. Iskandar is Malaysia's first smart city. The Delhi-Mumbai Industrial Corridor (DMIC) incorporates smart city concepts.
A new report from Navigant Research analyzes the smart ciity market including smart energy, smart transportation, smart water, smart buildings, and smart government in Asia (Australia/New Zealand, Greater China, India, Japan, Southeast Asia, and South Korea). Navigant forecasts that annual smart city technology investment in Asia Pacific will increase from $3.0 billion in 2014 to reach $11.3 billion in 2023.