USD 148.60 billion
Internet of Things (IoT) in Smart Cities Market Size, Share, Growth Analysis, By Offering(Solutions, and Services), By Application(Smart Transportation, Smart Building, Utilities, Citizen Services (Education), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2200 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
73
|Figures:
70
Internet of Things (IoT) in Smart Cities Market Insights
Global Internet of Things (IoT) in Smart Cities Market size was valued at USD 148.60 Billion in 2022 poised to grow from USD 179.06 Billion in 2023 to USD 795.98 Billion by 2031, growing at a CAGR of 20.5% in the forecast period (2024-2031).
Rapidly increasing urbanization around the world has set the tone for smart city development. Growing investments by governments and private organizations in the development of smart infrastructure are projected to bolster the demand for internet of things (IoT) in smart cities over the coming years. Advancements in IoT technologies and their improving application scope in smart cities are also projected to promote market development going forward. High availability of smart technologies and their growing acceptance among people are also estimated to favor internet of things (IoT) in smart cities market growth potential in the future. Increasing number of smart homes and growing demand for automation will also create new business scope across the forecast period. However, high initial investments, interoperability issues, and data privacy concerns are slated to slow down internet of things (IoT) in smart cities demand.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Service
Growth Rate
20.5% CAGR
Global Internet of Things (IoT) in Smart Cities Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Internet of Things (IoT) in Smart Cities Market Segmental Analysis
The global internet of things (IoT) in smart cities market is segmented based on offering, application and region. Based on offering, the market is segmented into solutions (remote monitoring, real time location system, data management, reporting and analytics, security, network management), and services (professional services {consulting, system integration and deployment, support and maintenance}, and managed services). Based on application, the market is segmented into smart transportation, smart building, utilities, citizen services (education, healthcare, public safety). Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Offering
Solutions are estimated to account for a major chunk of the global internet of things (IoT) in smart cities market share. From real-time monitoring to remote operation, almost all kinds of features are offered by IoT solutions developed for smart city applications. From analytics to management, almost all tasks for smart cities can be performed with novel IoT solutions. Companies are continually investing in the development of novel IoT solutions for smart city use thereby helping this segment maintain its dominance.
Meanwhile, increasing investments in establishment of smart city infrastructure are projected to boost the demand for services around the world. From planning to development, almost every phase of smart city initiatives will require services, making this segment a highly remunerative one going forward. Demand for management and maintenance services will be especially higher at the end of the forecast period as smart cities become commonplace.
Analysis by Application
Smart transportation applications are forecasted to hold a dominant stance in the global internet of things (IoT) in smart cities market. Increasing use of intelligent transport systems and high investments in the development of connected transportation infrastructure are expected to help this segment maintain a high market share. Use of IoT technology to effectively manage and predict traffic, reduce emissions, and conserve energy will also help boost market development through this segment in the future.
Use of IoT for smart building applications is estimated to increase at a rapid pace across the study period. High emphasis on improving the sustainability of buildings to conserve energy is also expected to bolster the demand for IoT solutions for smart building applications. Increasing number of smart buildings and high investments in smart infrastructure development are also slated to benefit this segment’s growth in the future.
Global Internet of Things (IoT) in Smart Cities Market By Offering
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Internet of Things (IoT) in Smart Cities Market Regional Insights
North America has a highly developed technological infrastructure that makes it a hotbed for smart city development thereby a lucrative name in the global internet of things (IoT) in smart cities market. Rising investments in smart city development by governments in this region will help internet of things (IoT) in smart cities companies maximize their business scope. Canada and the United States will be the vital markets for internet of things (IoT) in smart cities companies operating in this region.
Asia Pacific is estimated to dominate the global internet of things (IoT) in smart cities market owing to high use of smart city technologies in multiple countries. Japan, China, and South Korea are the top countries where smart city technology demand and adoption is flourishing at a notable pace. Supportive government initiatives and emphasis on improving quality of life are making this region a highly opportune one for internet of things (IoT) in smart cities companies around the world. India is also a key market for IoT in smart city providers as the Indian government launches multiple smart city initiatives and projected across the country.
Global Internet of Things (IoT) in Smart Cities Market By Region
- Largest
- Fastest
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Internet of Things (IoT) in Smart Cities Market Dynamics
Drivers
Emphasis on Better Quality of Life
- People around the world are focusing on improving their standard of living and quality of life, which is boosting the adoption of novel technologies. Smart cities help people with just that by providing a better environment to live in and thrive. This high demand for better quality of life is expected to drive internet of things (IoT) in smart cities market growth.
High Investments by Governments in Smart City Projects
- Governments around the world are investing heavily in the development of new smart city projects and initiatives to provide their citizens with a better life. Improved public services and optimized urban settings can be established through smart cities thereby favoring market development.
Restraints
Lack of Standardization
- IoT solutions for smart city applications are not yet standardized and this creates a lot of interoperability issues. These interoperability issues due to lack of standardization are estimated to impede the use of IoT technologies in smart cities going forward.
Network and Infrastructure Issues
- Smart cities require robust technological and network infrastructure to function efficiently. While this is possible to develop in developed countries, the complete absence of the same in developing and underdeveloped economies is projected to slow down internet of things (IoT) in smart cities market growth potential in the future.
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Internet of Things (IoT) in Smart Cities Market Competitive Landscape
Internet of things (IoT) in smart cities companies are projected to focus on the launch of new solutions and services. Collaborating and partnering with government organizations will be highly beneficial for internet of things (IoT) in smart cities providers going forward. Integrating AI, cloud computing, edge computing, and other technologies will also pay off big time for IoT in smart city companies in the long run. Development of specialized IoT solutions for smart city applications will create new opportunities for all market players over the coming years.
Top Player’s Company Profiles
- IBM (US)
- Cisco (US)
- Intel (US)
- Huawei (China)
- Microsoft (US)
- Tech Mahindra (India)
- Siemens (Germany)
- Honeywell (US)
- Bosch (Germany)
- PTC (US)
- Schneider Electric (France)
- ARM (England)
- Quantela (US)
- Hitachi (Japan)
- Sierra Wireless (Canada)
Recent Developments
- Back in June 2023, Siemens, a German automation provider announced the launch of a new smart city center in Egypt. The company showcases its smart city technologies and innovations at this Smart Cities Experience Center in Cairo.
- A narrowband-IoT (NB-IoT) network for smart city growth in the United Kingdom was launched by BT, a renowned telecommunications company based in the United Kingdom in February 2024. The new network was intended to cover around 97% of all of UK’s population and utilize EE’s cellular network infrastructure to function efficiently.
Internet of Things (IoT) in Smart Cities Key Market Trends
- Sustainability: Environment monitoring and ensuring sustainability using IoT devices and platforms in smart cities will generate a myriad of opportunities for internet of things (IoT) in smart cities market players. IoT devices will also help maintain a cleaner and healthier environment in smart cities as they can efficiently manage emissions and pollution.
Internet of Things (IoT) in Smart Cities Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rising adoption of smart technologies and growing investments in the development of new smart city projects are anticipated to drive internet of things (IoT) in smart cities market growth over the coming years. On the contrary, high initial investments and lack of standardization are slated to impede internet of things (IoT) in smart cities demand outlook in the future. Japan, India, China, and South Korea are estimated to spearhead adoption of smart city technologies in the Asia Pacific region and help it maintain a dominant global market share. Incorporation of sustainability through IoT devices in smart cities will also create new opportunities for incoming as well as leading internet of things (IoT) in smart cities companies.
| Report Metric | Details |
|---|---|
| Market size value in Smart | USD 148.60 Billion |
| Market size value in 2031 | USD 795.98 Billion |
| Growth Rate | 20.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Things (IoT) in Smart Cities Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Things (IoT) in Smart Cities Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet of Things (IoT) in Smart Cities Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Things (IoT) in Smart Cities Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Things (IoT) in Smart Cities Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Things (IoT) in Smart Cities Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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