IoT in Smart Cities Market by Offering (Solution [Remote Monitoring, Real-time Location System, Data Management, Reporting & Analytics, Security, & Network Management] Services [Professional Services and Managed Services]), Application (Smart Transportation, Smart Building, Smart Utilities, and Smart Citizen Services): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026509 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Sep 2022 | Type: Global

The IoT in smart cities market crossed US$ 145.02 billion mark in 2022 and is expected to hit US$ 684.76 billion by 2030, recording a CAGR of 21.4% during the forecast period.

 

IoT in smart cities market has been significantly growing with the high adoption of Solutions in the market.

IoT in smart cities aims at reducing the rate of criminal activities, boosting better infrastructure, which further leads to an equitable society. Moreover, IoT solutions for smart cities acts a forefront of technologically enabled changes by forming a smart city model. Moreover, citizens continue to demand for receiving better services & officials across several countries are striving to make utilities economically practical. Features such as network security, application security, location analytics, real-time IoT in smart cities, and remote monitoring system, among others are some of the major IoT in smart cities solutions. The services segment is expected to gain traction during the forecasted year.

Within the report, the market is segmented into offering, application, and geography. By offering, the market is bifurcated into solution and services. The solutions segment is further classified into remote monitoring, real-time location system, data management, reporting & analytics, security, & network management. In addition, the services segment is further divided into professional services and managed services. Based on application, the market is segmented into smart transportation, smart building, smart utilities, and smart citizen services.  Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

 

 

 

Surge in adoption of connected & smart technologies accelerates the growth of IoT in smart cities market.

Massive adoption of multiple technologies such as cloud, mobility, IoT, AI, and data communications which are implemented across the smart cities’ infrastructure is becoming one of the major factors promoting the market growth. Moreover, due to growing advancements in 5G and IoT, the government & other end use verticals are becoming increasingly aware, intelligent and self-governing towards the advancements in their respective cities. Furthermore, growing adoption of these technologies in recent years has further enabled better connectivity, which therefore results into a complete remodeling of the smart cities ecosystem globally. The development of 5G service and IoT technologies which are aiming at security, environmental sustainability, and privacy is further boosting the IoT in smart cities market growth.

Low power sensors and network.

Battery-backed sensors which can be placed across several locations and low power wide area networks (LPWANs) provide which further providers a long-range link is becoming some of the major trends in the market. Moreover, low power wireless sensors in such IoT networks provide key data in terms of electricity, smart buildings, water supply, and logistics. Moreover, all of this data can be ingested into machine learning databases which helps in identifying patterns and allowing resources to be provided more accurately. This, as a result becomes an essential element towards optimizing the use of scarce resources and improving the quality of life of individuals. According to World Economic Forum & IoT Analytics report, 84 percent of IoT deployments are currently addressing the Sustainable Development Goal (SDG) targets which are defined by the United Nations.

 

Recent strategic developments in IoT in smart cities market

The IoT in smart cities market has undergone several significant developments, and a few of these have been mentioned below:

  • In August 2021, Schneider Electric, which is a digital automation & energy management company, launched EcoStruxureTM Rail in India, in order to boost a digital environment for metro rail operations in the country. In addition, the solution is expected to increase the overall efficiency up to 20% and further reduce the total cost of ownership by 15%.
  • In June 2020, Siemens AG which is a German multi-industry company, entered into an agreement with Salesforce Inc. in order to develop a new workplace technology. Moreover, the solution will help companies to offer a better experience to their employees after post-pandemic situation globally.

 

The IoT in smart cities market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. IBM, Cisco, Intel, Microsoft, Tech Mahindra, Siemens, Hitachi, Verizon, Huawei, AGT International, SAP, Deutsche Telekom, and others, are among the prominent players operating in the market.

 

Target audience for the report:

  • Managed service providers
  • IoT solution providers
  • International Association of Public Transport
  • Technology-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • IoT in smart cities component suppliers
  • End users of IoT in smart cities
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Offering:
    • Solution
  • Remote Monitoring
  • Real-time Location System
  • Data Management, Reporting & Analytics
  • Security
  • Network Management
    • Services
  • Professional Services
  • Managed Services
  • Industry Vertical:
    • Smart Transportation
    • Smart Building
    • Smart Utilities
    • Smart Citizen Services
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Microsoft
    • IBM
    • Cisco
    • Siemens
    • SAP

Companies profiled
- Microsoft
- IBM
- Cisco
- Siemens
- SAP

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