According to a report by Frost & Sullivan, smart cities are anticipated to create huge business opportunities across different industries with a total market value of $1.565 trillion by 2020. Technologies such as smart metering, wireless sensor networks, open platforms, high-speed broadband and cloud computing are key building blocks of the smart city infrastructure. Research shows that two companies are top vendors in the “smart city” tech market with IBM and Cisco in podium positions. Which other companies supply the technology enabling smart cities to rise?
The ten companies below are the ones that already have a firm establishment in this evolving market, and will continue to increase their activities to get a large piece of the pie.
Smart cities are built by these top ten companies:
- Schneider Electric
Smart city business leaders, contenders and challengers
According to Navigant Research, this group can be divided in leaders, contenders and challengers.
Source Image: Navigant Research
More than 26 cities globally will be smart cities in 2025 with more than 50 percent being in Europe and North America.
Smart City building blocks
Smart city technology makes life easier for the government and inhabitants in the following area’s:
- Technology and innovation
- Urban Planning and Building
All these building blocks together form a billion dollar market, very attractive for suppliers. The research shows however that, currently, smart energy and smart technology are the most important parameters of smart cities. Citizens’ mobility and traffic conditions are usually the biggest problems in today’s modern urban cities. And there is a growing demandsin environmentally friendly solutions, which will further benefit electric vehicles in the long term.
Frost & Sullivan Sales Manager Maxim Perevezentsev stated on a lecture recently: “Frost & Sullivan believes that the smart city concept is the future of every modern urbanized city. Every smart city has a unique number of features and characteristics as well as unique business opportunities. Companies in the smart city space will not only partner and converge among themselves to offer ‘smart’ capabilities but will also start converging with different participants in the ecosystem. This will open multiple growth opportunities across all industries”.