IoT plays a pivotal role in the development and functionality of smart cities project. IoT refers to the interconnected network of physical devices and objects that are embedded with sensors, software, and other technologies, allowing them to collect and exchange data with each other and central systems. Residents in smart cities can benefit from improved access to water, clean air, sanitation, and waste management due to the IoT. Every smart city in the world is supported technologically by IoT, which gives them the information, connectivity, and tools necessary to enhance urban services, maximize resources, and cut costs. By connecting various devices, systems, and people, IoT can provide real-time data and insights on city operations and infrastructure.
The increasing government initiatives and smart city projects is a key driver for the growth of the IoT in smart cities market. The rapid growth of IoT and smart city initiatives is increasing the demand for smart security systems, such as PIDS (Perimeter Intrusion Detection System). In addition, there is a strong emphasis on effective energy management technologies to ensure accurate metering and reduce waste. IoT technology suppliers are being invited to contribute to smart city transportation infrastructure to enable adequate monitoring and management, reduce carbon emissions, and provide better route planning and optimization. Furthermore, growth in deployment of connected and smart technologies is a key market driver. However, high initial investment while implementing IoT systems is a major factor hampering the growth of the market. Implementing an IoT system requires significant capital expenditures, including the installation of sensors, communication networks, data centers, and software systems. The cost of deploying this system can be prohibitive for budget-constrained municipalities, especially in developing regions. Contrarily, with the development of 5G and 6G, which is a great opportunity for the IoT in smart cities industry. 5G technology offers ultra-low latency, ultra-high speeds, and connects a massive number of smart devices. The technology is capable of boosting the operational efficiency of IoT and smart city solutions. It offers high capacity and fast connection, thereby providing real-time support to the smart city solutions to analyze the behavior of citizens, infrastructure, and connected devices.
The IoT in smart cities market is segmented on the basis of offering, application, and region. On the basis of offering, it is categorized into solution, and service. By application, it is divided into smart building, smart transportation, smart citizen services, and smart utilities. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the IoT in smart cities market such as Cisco Systems Inc., Siemens, Huawei Technologies Co., Ltd., Innowise Group, GE Digital, SAP SE, Altoros, Bosch Limited, PTC, and Andersen Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT in smart cities market.
The increasing government initiatives and smart city projects is a key driver for the growth of the IoT in smart cities market. The rapid growth of IoT and smart city initiatives is increasing the demand for smart security systems, such as PIDS (Perimeter Intrusion Detection System). In addition, there is a strong emphasis on effective energy management technologies to ensure accurate metering and reduce waste. IoT technology suppliers are being invited to contribute to smart city transportation infrastructure to enable adequate monitoring and management, reduce carbon emissions, and provide better route planning and optimization. Furthermore, growth in deployment of connected and smart technologies is a key market driver. However, high initial investment while implementing IoT systems is a major factor hampering the growth of the market. Implementing an IoT system requires significant capital expenditures, including the installation of sensors, communication networks, data centers, and software systems. The cost of deploying this system can be prohibitive for budget-constrained municipalities, especially in developing regions. Contrarily, with the development of 5G and 6G, which is a great opportunity for the IoT in smart cities industry. 5G technology offers ultra-low latency, ultra-high speeds, and connects a massive number of smart devices. The technology is capable of boosting the operational efficiency of IoT and smart city solutions. It offers high capacity and fast connection, thereby providing real-time support to the smart city solutions to analyze the behavior of citizens, infrastructure, and connected devices.
The IoT in smart cities market is segmented on the basis of offering, application, and region. On the basis of offering, it is categorized into solution, and service. By application, it is divided into smart building, smart transportation, smart citizen services, and smart utilities. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the IoT in smart cities market such as Cisco Systems Inc., Siemens, Huawei Technologies Co., Ltd., Innowise Group, GE Digital, SAP SE, Altoros, Bosch Limited, PTC, and Andersen Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT in smart cities market.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global IoT in smart cities market along with the current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global IoT in smart cities market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global IoT in smart cities market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Offering
- Solutions
- Services
By Application
- Smart Transportation
- Smart Building
- Smart Utilities
- Smart Citizen Services
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Cisco Systems Inc.
- Andersen Inc.
- PTC
- Altoros
- GE Digital
- Siemens
- Innowise Group
- SAP SE
- Huawei Technologies Co., Ltd.
- Bosch Limited
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: IOT IN SMART CITIES MARKET, BY OFFERING
CHAPTER 5: IOT IN SMART CITIES MARKET, BY APPLICATION
CHAPTER 6: IOT IN SMART CITIES MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the iot in smart cities market was valued at $148.6 billion in 2022, and is estimated to reach $931.5 billion by 2032, growing at a CAGR of 20.5% from 2023 to 2032.The IoT in Smart Cities Market is likely to experience a significant growth rate of 20.5% from 2023-2032 owing to increasing market demand for smart city projects.
IoT plays a pivotal role in the development and functionality of smart cities project. IoT refers to the interconnected network of physical devices and objects that are embedded with sensors, software, and other technologies, allowing them to collect and exchange data with each other and central systems. Residents in smart cities can benefit from improved access to water, clean air, sanitation, and waste management due to the IoT. Every smart city in the world is supported technologically by IoT, which gives them the information, connectivity, and tools necessary to enhance urban services, maximize resources, and cut costs. By connecting various devices, systems, and people, IoT can provide real-time data and insights on city operations and infrastructure. Further, IoT can optimize energy usage in smart buildings and street lighting. For instance, streetlights can adjust their brightness based on ambient light levels or pedestrian and vehicle traffic, saving energy and reducing costs. Furthermore, IoT can facilitate citizen engagement through mobile apps and other digital platforms. Citizens can access real-time information about services, provide feedback, and participate in urban planning and governance.
The increasing government initiatives and smart city projects is a key driver for the growth of the IoT in smart cities market. The rapid growth of IoT and smart city initiatives is increasing the demand for smart security systems, such as PIDS (Perimeter Intrusion Detection System). In addition, there is a strong emphasis on effective energy management technologies to ensure accurate metering and reduce waste. IoT technology suppliers are being invited to contribute to smart city transportation infrastructure to enable adequate monitoring and management, reduce carbon emissions, and provide better route planning and optimization. Furthermore, growth in deployment of connected and smart technologies is a key market driver. Moreover, cities are under increasing pressure to reduce their carbon footprint and combat climate change. IoT solutions can help cities monitor and reduce emissions by optimizing traffic flow, managing waste more efficiently, and enhancing energy conservation. In addition, smart cities attract businesses and investment. IoT technologies create opportunities for innovation and entrepreneurship, leading to economic growth and job creation.
The market also offers growth opportunities to the key players in the market. With the development of 5G and 6G, which is a great opportunity for the IoT in smart cities industry. 5G technology offers ultra-low latency, ultra-high speeds, and connects a massive number of smart devices. The technology is capable of boosting the operational efficiency of IoT and smart city solutions. It offers high capacity and fast connection, thereby providing real-time support to the smart city solutions to analyze the behavior of citizens, infrastructure, and connected devices.
The IoT in smart cities market is segmented on the basis of offering, application, and region. On the basis of offering, it is categorized into solution, and service. By application, it is divided into smart building, smart transportation, smart citizen services, and smart utilities. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Cisco Systems Inc., Siemens, Huawei Technologies Co., Ltd., Innowise Group, GE Digital, SAP SE, Altoros, Bosch Limited, PTC, and Andersen Inc. The players in the market have been actively engaged in the adoption various strategies such as collaboration, product launch, and partnership to remain competitive and gain advantage over the competitors in the market. For instance, in February 2021, Intel partnered with Microsoft, an American multinational technology corporation. Following this partnership, the two companies would streamline IoT solutions development. Moreover, the companies provide IoT products and services that can decrease the complexity of solution development. In addition, the integrated capabilities of these two companies in hardware, software, cloud, and processing edge provide lucrative possibilities to develop an IoT solution rapidly, without hampering performance or security.
Key Market Insights
By application, the smart transportation segment was the highest revenue contributor to the market, and is estimated to $264.34 billion by 2032, with a CAGR of 16.5%. However, the smart utilities segment is expected to be the fastest growing segment with a CAGR of 23.8% during the forecast period.By offering, the solution segment dominated the global market, and is estimated to reach $578.56 billion by 2032, with a CAGR of 19.3%. However, the service segment is expected to be the fastest growing segment with the CAGR of 22.5% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $57.61 billion in 2022, and is estimated to reach $288.95 billion by 2032, with a CAGR of 17.8%.
Companies Mentioned
- Cisco Systems Inc.
- Andersen Inc.
- PTC
- Altoros
- GE Digital
- Siemens
- Innowise Group
- SAP SE
- Huawei Technologies Co., Ltd.
- Bosch Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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