Smart city market to reach $27.5 bn mark by 2023

The technology market for smart cities is expected to grow from $8.8 bn annually in 2014 to more than $27.5 bn by 2023, said Navigant Research.

“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.

IBM and Cisco are among top vendors in the global smart city market. Leading players in the smart city market are expected to provide leadership on large-scale projects spanning multiple city requirements. These players can offer 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.