Solutions Segment is expected to dominate the market during the forecast periods
The
emergence of innovative solutions and services in IoT in the smart cities
market, coupled with the development of city monitoring and infrastructure
management, is the major factor that may augment the industry growth.
According to
TechSci Research report, “Global IoT in Smart Cities Market - By Region,
Competition, Forecast & Opportunities, 2028”, The Global IoT in Smart Cities Market is expected to
register CAGR of 18.46%. IoT in
smart cities is the application of smart technology and connected devices to
gain real-time data of the external environment across the smart city. The
growing urbanization and increasing demand for efficient infrastructure in
metropolitan cities are expected to boost market growth. In addition, the
growing need for energy-efficient resources, waste management, traffic
management, public safety, and security is likely to surge the demand for IoT
in smart type of cities. For instance, in 2017, with the implementation of a
smart waste management solution, Seoul city in South Korea reduced its garbage
collection cost by 83%. Moreover, increasing penetration of the internet, rapid
adoption of smartphones, and growing 5G infrastructure are supporting the
implementation of IoT in the smart cities. Similarly, increasing government
initiatives and spending on creating connected cities are expected to boost the
IoT in smart cities market.
A smart city
can provide vast data that can be utilized in contact tracing, which could be
helpful in emergency situations. Similarly, during the pandemic crises, IoT
technology can assist in maintaining cleanliness in the city and detect people
without masks or not maintaining hygiene in public places. For instance, In
India, the state government utilized geospatial information systems and
dashboards in smart cities including Pune, Bangalore, and Surat to monitor and
map patients diagnosed positive with covid-19. Thus, the post-pandemic is
expected to witness IoT in smart cities market growth to ensure a new normal
lifestyle.
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market data Figures spread through 180 Pages and an in-depth TOC on " IoT in Smart Cities Market.”
Thus, the
growing interest of governments in developing smart spaces and resources in
metropolitan cities is expected to drive market growth. Smart city solutions
are expected to boost the quality of living along with energy-saving solutions.
For instance, according to the report of Philips Lighting and SmartCitesWorld,
the Barcelona government achieved 36.5 million euros through smart car parking
and saved 42.5 million euros by implementing a smart water management solution.
Additionally, the city has steadily generated 47,000 jobs by implementing IoT
services and systems in its smart city projects. Thus, increasing government
initiatives and interest in advanced technologies are expected to drive market
growth. IoT in smart cities generates and stores a huge set of digital
information associated with the citizens and their surrounding environment. The
smart city studies, reports, and highlights concerns over security, privacy,
and risk of IoT and smart city-generated data. The citizens of smart cities are
vulnerable to growing cyberattacks and data breaching. The data hacked from
automated homes, smart healthcare services, and ND smart infrastructure could
harm the privacy of the citizen. This is likely to hinder the market growth.
Recent
Investments In the Global IoT in Smart
Cities Market are :-
- October 2020 – Microsoft Corporation announced the
strategic alliance with Bentley Systems to deliver advanced solutions and
technology for smart construction and smart city urban planning. The
companies have combined the iTwins platform from Bentley Systems with
Azure Maps and Microsoft’s Azure IoT Digital Twins, offering comprehensive
city-scale digital twins for constructors, architectures, engineers, and
more.
- January 2020 – Microsoft Corporation, in collaboration
with Akenza Core and ewz, implemented Long Range Wide Area Network at
public spaces and building for Smart City Zurich plan. The companies
integrated intelligent services and Akenza Core IoT systems for customers
to analyze data.
Key
market players in the Global IoT in Smart Cities Market include:
- Verizon
Communications
- IBM Corporation
- PTC
- Huawei
Technologies Co.Ltd
- Intel
Corporation
- Robert Bosch
Gmbh
- Honeywell
International Inc.
- Siemens AG
- Microsoft
Corporation
- Cisco Systems
Inc (Cisco)
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“The increasing
number of initiatives of smart cities across the globe is one of the major
driving factors for IoT in smart city market growth. The integration of IoT in
smart city projects is propelling the need for smart security solutions, like
the Perimeter Intrusion Detection System (PIDS), for protecting the boundaries
of the region. Also, there is a rising inclination towards efficient energy
management solutions for ensuring suitable metering and decreasing the wastage
of resources. The development of the transportation infrastructure in the smart
cities projects is further attracting IoT technology providers for better
control and monitoring facilities, cutting down carbon emissions, and also
offers competent optimization and planning of the roadways.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
IoT in Smart Cities Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Offering (Solutions,
Services), By Application (Smart Transportation, Smart Building, Smart
Utilities, Smart Citizen Services), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global IoT in Smart Cities Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global IoT in Smart Cities Market.
Contact
Mr. Ken Mathews
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Tel: +1-646-360-1656
Email: [email protected]
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