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

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.