IoT technology revenues across 12 key smart city technologies and verticals will grow from around $25 billion in 2017 to $62 billion in 2026 — at an average growth rate of 11 percent.
Smart meters and video surveillance represent the largest absolute revenue opportunities in the global smart city technology market.
The fastest growing verticals in smart city technology market include EV charging stations and micro-grids, smart waste management and environmental sensors, smart parking, and smart street lighting.
“The smart cities segment offers the perfect environment for suppliers to offer horizontal IoT platform solutions and addresses a recent trend toward more holistic, cross vertical approaches,” said Dominique Bonte, vice president at ABI Research.
Applications and services, analytics and AI, and security are the top IoT revenue categories in the world. Connectivity, sensor and device management, as well as professional services, represent decreasing opportunities against a background of increasing platformization and commoditization.
Key smart city IoT solutions and platforms include 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.