The smart city technology market is expected to grow from $8.8 billion annually in 2014 to more than $27.5 billion by 2023, said Navigant Research.
IBM and Cisco are some of the top vendors in the 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,” says Eric Woods, research director with Navigant Research.
Leading players in the smart city market have the capacity to provide leadership on large-scale projects spanning multiple city requirements. These players are offering smart infrastructure, IT, and communications solutions to cities, supporting cities across multiple operational and infrastructure issues.
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.
