An increase in smart city initiatives worldwide is expected to provide opportunities for the IoT in smart cities market growth
The global IoT in smart cities market size is projected to reach nearly USD 385.7 billion by 2028. Besides, it is projected to gather a CAGR of above 15% over the forecast years 2018-2028. Introduction and introduction of new technology is the plurality of industries that have developed at a substantial pace over the last few years. Customers now tend to use new technology that serves as a core driver of success in this market. Governments in both developed and emerging areas are now able to create smart cities, thereby rising demand substantially in this market. Besides, the introduction of IoT services allows us to offer better and more sophisticated defense options and track properties from distant areas without any physical presence. In light of the factors listed above, there are attractive growth prospects in this sector that will drive the growth of the market in the coming years.
The report also outlines the various characteristics of the global IoT in the smart cities industry by assessing the market from value chain analysis. Moreover, the IoT in smart cities market report comprises various qualitative parts of the IoT in smart cities industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The IoT in the smart cities market has solid competition amongst the already well-known and new market players. Also, the IoT in smart cities industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the offering segment, the market is bifurcated into services and solutions. The solutions are further divided into remote monitoring, real-time location system, network management, security, data management, and reporting and analytics. Besides, services are also categorized into professional services and managed services. The services segment reported substantial growth in the year 2019 and is likely to retain its place in the forecast years. The demand growth of this segment is mainly due to the growing convergence of ICT and IoT with various sectors, which is considered to be the primary driver of the growth of IoT in the smart city services demand.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. The market growth in this region is mainly ascribed to the increasing number of smart cities initiatives in several developing markets that will provide a fillip in this market. Rising numbers of people migrating to urban areas and issues related to ecological imbalances are also expected to fuel demand for IoT in the smart cities industry. However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028.
The major players of the global IoT in the smart cities market are IBM, Cisco, Intel, Huawei, Microsoft, Tech Mahindra, Siemens, Bosch, and PTC. Moreover, the market comprises several other prominent players in the IoT in the Smart Cities market that are Schneider Electric, ARM, Quantela, and Hitachi. The IoT in the smart cities market consists of well-established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global IoT in smart cities Market
Offering Overview, 2018-2028 (USD Million)
Solution Overview, 2018-2028 (USD Million)
- Remote Monitoring
- Real-Time Location System
- Network Management
- Data Management
- Reporting and Analytics
Service Overview, 2018-2028 (USD Million)
- Professional Services
- Managed Services
Application Overview, 2018-2028 (USD Million)
- Smart Transportation
- Smart Building
- Smart Utilities
- Smart Citizen Services
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America