What is the global market size of Internet of Things (IoT) in Smart Cities in Smart Cities Market?

Global Internet of Things (IoT) in Smart Cities 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).

What is the key driver of Global Internet of Things (IoT) in Smart Cities in Smart Cities Market?

Numerous technologies, including lot, cloud, mobility, data communications, and Al, are part of the smart cities environment and enhance the infrastructure of the cities. The increased uptake of these technologies in recent times has made improved connectivity possible, which has led to a total redesign of the ecosystem for smart cities. Regarding technology, there is interest in a variety of new areas. Over the next five years, it is anticipated that IoT, cybersecurity, and machine learning/data analytics will have the biggest effects on smart city projects.

What is the key market trend for Global Internet of Things (IoT) in Smart Cities in Smart Cities Market?

Driving Smart Cities with Focus on 5G Infrastructure Implementation: Globally, IoT and government technology companies are concentrating on putting 5G infrastructure into place. For example, the Government of India is concentrating on creating 5G architecture for smart cities in order to enhance the infrastructure of smart cities. Therefore, it is anticipated that the deployment of 5G would increase demand for this technology in smart cities.

Which region accounted for the largest share in Global Internet of Things (IoT) in Smart Cities in Smart Cities Market?

Over the course of the projection period, Asia Pacific is anticipated to lead the market. The need for this technology in smart cities in Asia Pacific is being driven by the region's increasing awareness of the need for smart building and space solutions in densely populated areas. China, South Korea, Japan, Singapore, and India are among the fast-growing nations that are heavily investing in internet of things solutions. Due to the enormous demand and investments in loT in smart city initiatives, Europe is expected to rise quickly. Regulations pertaining to the European Regional Development Fund state that between 2014 and 2020, investments in smart city initiatives are projected to total USD 16 billion yearly. London and Bristol are the top two countries in the world for implementing smart city solutions, according to the Huawei UK Index.

Global Internet of Things (IoT) in Smart Cities Market

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 2025-2032

Q: Who are the key vendors in the Global Internet of Things (IoT) in Smart Cities in Smart Cities Market?

The global IoT in smart cities industry is highly competitive, with both agile startups and well-established multinational firms fighting for market dominance. Businesses like Schneider Electric, Siemens AG, Cisco Systems, IBM, and Cisco Systems lead the market with all-inclusive IoT solutions that cover several city domains. Newcomers such as Microsoft Corporation and Huawei Technologies also make inventive contributions with their products, utilising their knowledge of cloud computing, data analytics, and networking to tackle changing urban opportunities and difficulties. '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)'

Report ID: SQMIG45I2200 | Region: Global | Published Date: June, 2024
Pages: 157 | Tables: 73 | Figures: 70

Internet of Things (IoT) in Smart Cities Market Insights

Internet of Things (IoT) in Smart Cities Market size was valued at USD 179.06 Billion in 2023 and is poised to grow from USD 215.77 Billion in 2024 to USD 959.16 Billion by 2032, growing at a CAGR of 20.5% during the forecast period (2025-2032).

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.

Internet of Things (IoT) in Smart Cities Market Report Snapshots

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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. '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)'

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.

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.

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.

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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 2025-2032

Internet of Things (IoT) in Smart Cities Market Insights

Internet of Things (IoT) in Smart Cities Market Report Snapshots

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FAQs

What is the global market size of Internet of Things (IoT) in Smart Cities Market?

Who are the key vendors in the Internet of Things (IoT) in Smart Cities Market?

What is the key driver of Internet of Things (IoT) in Smart Cities Market?

What is the key market trend for Internet of Things (IoT) in Smart Cities Market?

Which region accounted for the largest share in Internet of Things (IoT) in Smart Cities Market?

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