Smart City technology is taking American cities into a brighter and tech driven future, according to a report by ABI Research, a market foresight advisory firm. Revenue for smart city technology is projected to grow from approximately $25 billion in 2017 to $62 billion in 2026- an average growth rate of 11% per year.
The term Smart City is ascribed to cities that are integrating into a network (the Internet of Things or IoT) various types of electronic data collection sensors that gather critical information to manage their assets and resources efficiently. Data is pulled from devices and assets that monitor and manage traffic and transportation systems, power plants, water supply networks, and other community services.
Over the ten year period ending in 2026 the following technology areas associated with Smart Cities are projected to achieve the most revenue: smart meters, video surveillance, electronic vehicle charging stations, micro-grids, smart waste management and environmental sensors, smart parking, and smart street lighting.
While top IoT providers are setting their sights on smart-cities, according to the report, only those who provide tech solutions addressing a city’s specific problems will be successful. It is seen that corporations offering a generic smart-city platform are not adequately meeting a city’s key needs for the areas they are seeking to improve.
Key smart city IoT solutions and platforms are now available from a range of providers that includes: Cisco's Kinetic for Cities, InterDigital's Chordant, PTC's ThingWorx, Microsoft's CityNext, Huawei's OceanConnect, Nokia's Impact, NVIDIA's Metropolis, Verizon's NetSense (Sensity), Siemens' MindSphere, IBM's Watson IoT, SAP's Leonardo and Amazon's AWS IoT platform.