The global IoT in smart cities market size is projected to reach USD 582.38 billion by 2028, exhibiting a CAGR of 23.3% during the forecast period. Fortune Business Insights(TM) shares this information in its report, titled "IoT in Smart Cities Market, 2021-2028". As per the report, the value of the market stood at USD 110.56 billion in 2020.
The Internet of Things (IoT) is looked upon as a breakthrough technology for mankind. It is constantly utilized to make our world a smarter place to live. Going by the books, our interaction with the technology dates back to 1974 as the first machine ever made on the IoT platform was the Automated Teller Machine (ATM). Today, it is utilized for a wide range of applications right from the watch on our wrists to the satellites orbiting our planet.
COVID-19 Strategies to Set Foundation for Smart Cities in the Long Run
The impact of COVID-19 has been full of challenges for the IoT in the smart cities market. Worldwide infrastructure development projects have been put on hold due to the outbreak. However, the strategies implemented in order to handle the crisis are predicted to be the foundation of a well-prepared world with smart capabilities. The steps taken by governments and likely bodies worldwide to manage the pandemic will help in the process of the smart cities projects, helping the market in the long run.
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We have categorized the market on the basis of component, application, and geography. In terms of type, the market is divided into solutions and services. Based on application, it is fragmented into smart building, smart healthcare, smart energy, smart transportation, public safety, smart infrastructure, and others. On the basis of geography, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.
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Increasing Number of Smart Cities Projects Worldwide to Drive Growth
The rapid increase in the number of initiatives taken by governments worldwide to transform urban areas into sustainable and smart cities is projected to drive the global IoT in smart cities market growth. For instance, the Government of India has funded USD 14 billion on the National Smart Cities Mission for the development of 100 major cities in the country. Under this project, the government will focus on building better infrastructure, improving basic facilities, and providing better sanitation using the latest technologies.
In addition, the emergence of 5G technology will play a significant role in increasing the demand for IoT in smart cities. The Groupe Special Mobile Association (GSMA) suggests that the number of 5G connections worldwide will reach 1.2 billion by 2025, which is a positive trend for the IoT in the smart cities market. The projects involved with the market are highly-data driven and require a robust network to analyze the piling data. The utilization of 5G will help in optimizing their efficiency. Hence, the rapid expansion of 5G infrastructure will complement the growth of IoT in smart cities.
Rapid Urbanization in Major countries to Help Asia Pacific Gain Leading Share
The market value of Asia Pacific was USD 42.05 billion in 2020. The region is estimated to dominate the IoT in the smart cities market during the forecast period. Rapid urbanization in major countries including India, China, and Japan is the key driver estimated to enhance the market share in the region. For instance, according to a report published by the United Nations in 2019, more than 505 of the population in the region lives in cities.
The market in Europe is predicted to register flourishing growth backed by the increasing number of smart city projects in the region. For instance, the Horizon 2020 research and innovation programme backed by the European Union has announced to fund SmartEnCity, a project to build sustainable urban cities in the region.
Strategic Alliances among Industry Leaders to Help Find New Applications
Prominent enterprises operating in the IoT in the smart cities market are focusing on collaborating with leading ICT specialists and other major manufacturers in order to find cutting-edge solutions for several applications. For instance, in October 2020, Bentley Systems, a software development company based in the U.S., joined hands with Microsoft Corporation to develop smart city solutions. Under this partnership the companies will together work on developing the infrastructure for sustainable, advanced cities.
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In December 2019, Schneider Electric Infrastructure Ltd. one of the leading energy distribution equipment manufacturers in India, introduced Easy Homes solutions in the country. The solution is designed using the IoT technology and helps customers manage their power equipment at home.
In June 2020, Siemens AG, a German multi-industry company, joined hands with Salesforce Inc. to develop a new workplace technology. The solution will help companies to offer a safer experience to their employees after reopening worldwide.
List of Key Companies Covered in the IoT in Smart Cities Market Report:
-- IBM Corporation (New York, United States)
-- Cisco Systems, Inc. (California, United States)
-- Intel Corporation (California, United States)
-- Huawei Technologies Co., Ltd. (Shenzhen, China)
-- Microsoft Corporation (Washington, United States)
-- Tech Mahindra Limited (Pune, India)
-- Siemens AG (Munich, Germany)
-- Robert Bosch GbmH (Gerlingen, Germany)
-- PTC Ltd. (Boston, United States)
-- Schneider Electric Infrastructure Ltd. (Rueil-Malmaison, France)
-- Arm Limited (Cambridge, United Kingdom)
-- Quantela Inc. (California, United States)
-- Hitachi High-Tech Corporation (Tokyo, Japan)
-- Sierra Wireless (Richmond, Canada)
-- SAP SE (Walldorf, Germany)
-- Deutsche Telekom AG (Bonn, Germany)
-- Verizon Communication Inc. (New York, United States)
-- AGT International (Zurich, Switzerland)
-- Qualcomm Technologies, Inc. (California, United States)
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