The Smart City Technology Market is Expected to Be Worth More Than $27.5 Billion Annually by 2023
A recent report from Navigant Research examines the strategy and execution of 16 leading smart city suppliers, including vendor profiles, ratings, and rankings, with the goal of providing industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the growing global smart city market.
“Cities are seeking partners and suppliers to collaborate on ambitious programs for sustainability, innovation in public services, and economic development that depend on significant technology investments”
The smart city concept is a framing device for many of society’s most important conversations about globalization, technology, and the environment, which is driving investment across a range of city services and infrastructure. As the supplier ecosystem for smart cities continues to expand, established suppliers are moving into the market from the energy, transport, buildings, and government sectors, while startups are addressing a range of emerging opportunities.Click to tweet: According to a recent report from Navigant Research, the global smart city technology market is expected to grow from $8.8 billion annually in 2014 to more than $27.5 billion by 2023.
“Cities are seeking partners and suppliers to collaborate on ambitious programs for sustainability, innovation in public services, and economic development that depend on significant technology investments,” says Eric Woods, research director with Navigant Research. “The leading players in this market not only have the capacity to provide leadership on large-scale projects spanning multiple city requirements, but they are delivering smart infrastructure, IT, and communications solutions to cities, supporting cities across multiple operational and infrastructure issues, and have established a global presence.”
The leaders in the market, according to the report, are IBM and Cisco, which are ranked the highest in terms of strategy and execution and are continuing to build on their early leadership in the market. IBM combines a pragmatic approach to city engagement with its development of smart city platform solutions, while Cisco’s partner network provides an important source of innovation in the market.
The Navigant Research Leaderboard Report: Smart City Suppliers examines the strategy and execution of 16 leading smart city suppliers with the capacity to provide leadership on large-scale smart city projects spanning multiple operational and service areas. These smart city suppliers are rated on 10 criteria: vision, go-to-market strategy, partners, product strategy, geographic reach, market share, sales and marketing, product performance and features, product integration, and staying power. Using Navigant Research’s proprietary Leaderboard methodology, vendors are profiled, rated, and ranked with the goal of providing industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the growing global smart city market. An Executive Summary of the report is available for free download on the Navigant Research website.