Smart City Solutions & Services Expected to Grow From $40.1 Billion in 2017 to $94.2 Billion by2026
Sign-Up for Free Energy, Facility, Power Newsletter (EFPN) newsletter
A new Leaderboard Report from Navigant Research examines the strategy and execution of 16 smart city suppliers, with Cisco and Siemens in the lead. The drivers behind the smart city market include some of the most challenging global developments, including continued growth in urbanization, the need to reduce city emissions and better manage resource consumption, and growing economic and environmental pressure on cities. These developments are entangled with rapid technology development in complex ways that present many opportunities for suppliers and cities.
“Cisco and Siemens’ leader position is a reflection of how both companies have continued to evolve and adapt their city offerings,” says Eric Woods, research director at Navigant Research. “They have also shown an integrated perspective on urban innovation, strong sector-specific solutions, and a commitment to continued thought leadership and city engagement.”
According to Navigant Research, the global market for smart city solutions and services is expected to grow from $40.1 billion in 2017 to $94.2 billion by 2026. Suppliers looking to succeed in this market can follow market contenders, which are putting more pressure on leaders with a growing focus on the development of Internet of Things (IoT) platforms for urban innovation.
The report, Navigant Research Leaderboard: 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 presence; sales & marketing; product performance & 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.