Singapore is one of the top leading city of the world which is going to spend $1 billion on Smart City projects this year.
Other global cities which have made it to the list are New York City, Tokyo and London.
According to Worldwide Semiannual Smart Cities Spending Guide, more than $95.8 billion will be spent globally on Smart Cities. This is an increase of 17.7 percent over 2018. Out of the total expenditure, 40 percent will be spent on Smart Cities in the Asia Pacific (APAC) region.
“In the APAC region, the exponential growth and diversity of smart city initiatives in second- and third-tier cities are continually challenging many first-tier cities to transform,” said Gerald Wang, Head of IDC APAC Public Sector research.
Initiatives related to data-driven public safety, intelligent transportation, and resilient energy and infrastructure will attract the largest share of funding in 2019.
Most of the money will be spent on fixed visual surveillance, advanced public transit, smart outdoor lighting, intelligent traffic management, and connected back office.
Intelligent traffic management solutions will be a major attractive field for investors by 2020, according to the report.
As far as Singapore is concerned, the country is on the sixth rank in the top world Smart Cities, according to an index by IESE Business School in Barcelona.
Singapore has already won the Smart City Expo World Congress (SCEWC) 2018 in Barcelona last November. The award recognises Singapore government’s investments in technology and connectivity infrastructure.