IoT on the smart city market involves IoT-based applications, solutions, and services offered in transport, manufacturing, infrastructure, and citizen services to improve contact and control between residents and governments. IoT creates new opportunities for communities by accelerating the cognitive collaboration process for improved coordination, smooth execution, and informed decision-making by making better use of existing and new resources.
The global IoT in Smart Cities market is projected to reach USD 735 Billion by 2030, growing at a CAGR of 23.04%
.jpg "The Global Iot In Smart Cities Market 2020-2030 (USD Billion)")
The global IoT in smart cities market revenue is projected to reach close to USD 385.7 Billion by 2028. This can be due to the growing number of government programs and PPP models for smart cities providing innovative services to people, and the growing acceptance of connected and smart technology is also projected to fuel demand growth.
However, the lack of innovations in communications technologies and reduced operating productivity in emerging economies is one of the factors that hinder the development of the industry.
IoT in Smart Cities Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 735 Billion |
| Growth Rate | CAGR of 23.04% during 2020-2030 |
| Segment Covered | By Offering, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Cisco, Intel, IBM, Huawei, Tech Mahindra, Microsoft, Honeywell, Bosch Software Innovations, Siemens, PTC, ARM, Schneider Electric, and Quantela |
Key Segment Of The IoT In Smart Cities Market
By Offering, (USD Billion)
• Solution
• Services
By Application, (USD Billion)
• Smart Transportation
• Smart Building
• Smart Citizen
• Others
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
The future of IoT is infinite. It offers solutions in all industries, including engineering, apparel, restaurants, healthcare, education, etc. Smart cities should share a shared smart city network that makes sense, particularly for small cities. The cloud-based design of IoT applications for Smart Cities is suitable by sharing an open data network. Small cities will make up a common urban ecosystem. In this way, technologies from small to large smart cities are networked to manage by the central cloud portal. Finally, yet importantly, the size of a city is not a hindrance to being "smart." Intelligent technology should be used by cities in each category.
Offering Segment
In terms of the offering, the market is bifurcated into solutions and services. 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 market in the IoT in smart cities is expected to grow, as major players are focused on offering services. The increasing convergence of ICT and IoT with various sectors is known to be the primary catalyst for the growth of IoT in the demand for smart cities services. Significant factors responsible for the growth of the IoT technical services market include the growing trend of IoT-based services to minimize capital expenditure ( CAPEX) and operating expenditure (OPEX) and demand for highly specialized IoT services in the manufacturing and transport sectors.
Application Segment
Based on the application, the market is segmented into smart transportation, smart building, smart utilities, and smart citizen services. The smart citizen services are the highest contributing segment among applications in 2019 Governments are engaging in more citizen-centric programs. IoT is reshaping the services of the resident. It has a wide variety of uses in health care, education, and public safety. The widespread use of IoT in the management of medical records, remote control, data mining, and telemedicine are accelerating the adoption of solutions in the smart citizen services market.
The North American region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. However, the Asia-Pacific region is anticipated to gather the highest growth over the forecast years. Rising digitalization in the APAC region to cope with a vast volume of data would accelerate the adoption of IoT on the smart city network in the region. APAC has successfully promoted collaboration ventures in low-carbon model cities and IoT-based smart cities and has gathered useful knowledge in the process that can be shared between member economies. Besides, a rising number of start-ups and government spending in analytics are expected to accelerate the adoption of IoT in smart cities in the APAC region.
.png "North America IoT in Smart Cities Market, 2018-2028 (USD Billion)")
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.