IoT in Smart Cities Market is segmented By Component (Solution and Services), By Application (Lighting, Traffic, Utilities, Public Safety, Environmental Monitoring, and Others), and By End-User (Information and Technology, Telecommunication, Government, Automation, Energy, and Others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
IoT in Smart Cities Market size was estimated at $79.3 billion in 2020 and is expected to reach $330.1 million by 2028, growing at a CAGR of 22.6% during the forecast period of 2021 to 2028.
A smart city is an urban center that has evolved significantly in terms of general infrastructure, sustainable real estate, communications, and market viability. It is a city where information technology serves as the primary infrastructure and serves as the foundation for supplying people with necessary services. In 2020, the worldwide IoT in the smart cities market was worth USD 110.56 billion. COVID-19 has had an unprecedented and catastrophic worldwide impact, with IoT in smart cities seeing a negative effect on the price across all areas throughout the pandemic.
The market for IoT in smart cities includes solutions such as remote access systems, real-time location systems, network administration, security, database administration, and also reporting and analytics. Remote monitoring is a dependable service that provides remote monitoring and administration of a variety of systems. This method enables the central office or distant location to modify the operation of the devices. Furthermore, remote monitoring is not a novel notion in industrial automation; the world has already been utilizing this technology via hardwired ethernet networks for over 25 years.
IoT in Smart Cities Market Growth and Trend
The notion of smart cities is emerging in response to the global trend toward urbanization. IoT is a critical technology for smart city development and is expanding at a rapid pace. Numerous governments from various nations are launching smart city efforts to provide enhanced services to their residents. The deployment of IoT in smart city initiatives will need collaboration between a variety of stakeholders, including telecom carriers, infrastructure providers, service providers, manufacturing companies, public sector organizations, and user groups. Globally, government authorities prefer the public-private partnership (PPP) approach for promoting smart city initiatives. It enables private sector firms to contribute to the governments smart cities plans by deploying and funding projects.
The adoption of new technologies and their integration into the majority of industries has accelerated significantly during the last few years. Nowadays, customers demand sophisticated technology, which is a significant growth driver in this market. Governments in both established and emerging areas are now actively pursuing the development of smart cities, considerably increasing demand in this industry. Additionally, using IoT services enables the provision of more advanced security measures and the monitoring of assets from a remote place without requiring physical presence. With the aforementioned aspects in mind, this industry offers significant potential possibilities that will drive the markets expansion in the future years.
Global supply chains and logistics are being disrupted by the COVID-19 crisis, since the lockdown has been enforced geographically, and the continuation of activities for a majority of organizations is being affected. While critical products are excluded from the lockdown, their availability has been harmed by a lack of labor on production lines, supply networks, and transportation.
Additionally, IoT hardware and sensors are mostly provided by China owing to their low cost, but the majority of nations have suspended all imports in response to COVID-19. This is out of concern for the viruss further spread. With a shortage of sensors and networking devices, the expansion of IoT will also make a significant impact.
With a shortage of sensors and networking devices, the expansion of IoT will also make a significant impact. Several nations are unable to execute smart projects swiftly, owing to a variety of constraints, like limited budget and low literacy rate. In many nations, 4G technology has not yet matured or been implemented, but a few countries have conducted trials of 5G technology. While governments in these nations are familiar with the benefits of smart cities and the high return on investment generated by the market, early financial constraints play a significant role in slowing the growth of smart cities in these countries.
IoT in Smart Cities Market Segmentation
The IoT in smart cities market is segmented by component, application, and end-user. Based on component, the market consists of solution and services. Based on application, the market is segmented into lighting, traffic, utilities, public safety, environmental monitoring, and others. Based on end-user, the market is divided into information and technology, telecommunication, government, automation, energy, and others
IoT in Smart Cities Market Country Analysis
North America is expected to be the markets largest region. This expansion is attributable to stringent regulatory rules and the widespread use of sophisticated technology. Additionally, there are significant investments in this industry that have contributed to the markets expansion in North America. The Asia Pacific is about to provide attractive development possibilities in this market throughout the forecast period. Increased number of smart city initiatives in various emerging economies, which would lead this industry to a boost. Increased urbanization and worries about ecological imbalance are also about to boost demand for IoT in smart cities. Additionally, global market leaders are investing in emerging countries and partnering with governments for creating a better ecosystem for residents.
IoT in Smart Cities Market Share and Competition
The major players operating in the global IoT in smart cities market are IBM, Intel, Cisco, Huawei, Hitachi, Quantela, Microsoft, Bosch Software Innovations, Schneider Electric, Tech Mahindra, Sierra Wireless, Siemens, Honeywell, Bosch Software Innovations, ARM, and PTC.
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Industry Segmentation and Revenue Breakdown
Component Type Analysis (Revenue, USD Million, 2021 - 2028)
o Remote Monitoring
o Network Management
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Public Safety
• Environmental Monitoring
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• Information and Technology
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
IoT in Smart Cities Market Companies
• Bosch Software Innovations
• Schneider Electric
• Tech Mahindra
• Sierra Wireless
• Bosch Software Innovations
• United States IoT in Smart Cities Industry Research Report
• Europe IoT in Smart Cities Industry Research Report
• Asia Pacific IoT in Smart Cities Industry Research Report
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