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Global IoT in smart cities MarketThe idea of smart city includes the optimization of the efficiency of city services and operations and also provides connectivity among public. Smart city technology allows the city officials to directly interact with both city infrastructure and communities and monitor the status of the city and how it is evolving. The adoption of IoT in smart city market has become a latest trend across the globe. IoT plays a crucial role in the development of a smart city. The demand for IoT services has increased at an enormous rate over the past few years. The IoT services are being adopted in several industry sectors.
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.
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Global IoT in smart cities Market has recorded a noteworthy growth in past few years. People across the globe prefer advanced and high tech technologies, which are considered being one of the most crucial aspects providing momentum to the industry growth. In addition to that, with rise in urbanization numerous governments across the globe are actively taking efforts such as PPP models and government initiatives in order to offer advanced services to the citizens is also anticipated to provide acceleration to the growth of the IoT in smart cities industry. Moreover, the implementation of IoT services provides help in developing better and advanced security solutions and also helps in monitoring assets from any remote location.
The rising integration of IoT services and emergence of latest IoT platform based technologies are also anticipated to provide lucrative opportunities for the industry growth. Furthermore, with increasing digitalization the number of connected and smart technologies has increased enormously which in turn is acting as a propelling factor for the growth of the market. However, the growth of the IoT in smart cities Market is anticipated to be restrained by the reduced operational efficiency in emerging economies. In addition to that, the lack of proper communication infrastructure among these regions is also expected to affect the overall the market performance.
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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.
Segment Overview of Global IoT in smart cities Market
Offering Overview, 2018-2028 (USD Million)
• Solutions
• Services
Solution Overview, 2018-2028 (USD Million)
• Remote Monitoring
• Real-Time Location System
• Network Management
• Security
• 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
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
• Middle East and Africa
o UAE
o South Africa
o Rest of Middle East and Africa
• South America
o Brazil
o Rest of South America
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