IBM and Cisco are the top two Smart City technology suppliers — the two companies have held the no. 1 and no. 2 places on the list since 2013 — according to Navigant Research’s Leaderboard Report.
Microsoft, Siemens and Hitachi round out the top five, reports have said.
Navigant forecasts the global market for Smart City technology will reach about $27.5 billion annually by 2023, compared to $12.1 billion in 2016, as cities increasingly use technology to meet sustainability goals, boost local economies, and improve services.
While the market for Smart City technology is evolving and continues to be attractive to a broad range of suppliers, it is also a challenging area with complex dynamics.
To meet the emerging needs of their customers, Navigant says leading suppliers are developing offerings that meet the growing interest in urban Internet of Things applications, big data solutions, and the transformation in city approaches to energy policy, urban mobility and city resilience.
Top vendor IBM last year created a $3 billion Internet of Things business unit and has partnered with waste and water giant Veolia to offer Smart Cities services, using big data to provide digital products and services for water management, energy management and waste management.
According to Navigant Research’s latest report, the top 10 smart city vendors are: IBM, Cisco, Microsoft, Siemens, Hitachi, Huawei, SAP, Panasonic, Oracle and Ericsson.