Internet of Things (IoT) in Smart Cities Market Size, Share, Growth Analysis, By Offering(Remote Monitoring, Real Time Location System, Network Management, Security, Services), Application(Smart Transportation, Smart Building, Utilities, Citizen Services), and 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).

The innovative IoT based smart city solutions are increasing the demand in various sectors. These solutions include analytics, security, cloud, and network connectivity. The rise in adoption of IoT technology for infrastructure management and monitoring is expected to drive the market. The exponential rise in urban population contributes to the growth. IoT devices, sensors, and data analytics are all combined in the concept of "smart cities" to enhance urban growth, efficiency, and sustainability. One of the main factors propelling the IoT market's expansion in smart cities is the rise in government initiatives and smart city projects. Smart security systems like PIDS (Perimeter Intrusion Detection System) are becoming more and more in demand as a result of the Internet of Things' and smart city initiatives' explosive growth. Based on SkyQuest analysis, DHS Science and Technology Directorate’s (S&T’s) initiatives are using advanced smart city and internet of things to provide new capabilities to DHS components and enhancing public safety in communities worldwide. Additionally, the government of India has launched Digital India Program, to transform India into digital empowered society, along with the development of IoT industry in the country. Furthermore, a great focus is placed on efficient energy management technology in order to guarantee precise metering and minimize waste. 

IoT technology providers are being asked to enhance the transport infrastructure of smart cities in order to lower carbon emissions, facilitate proper monitoring and management, and improve route planning and optimization. Moreover, a major market driver is the expansion of connected and smart technology adoption. Nonetheless, a significant barrier to the expansion of the IoT in smart cities market is the high initial cost associated with putting IoT systems into place. Significant capital investments are needed to implement an IoT system, including setting up communication networks, data centers, software systems, and sensors. Particularly in developing nations, the expense of implementing this system may be unaffordable for towns with tight budgets.

Market Snapshot - 2024-2031

Global Market Size

USD 148.60 billion

Largest Segment

Solution

Fastest Growth

Service

Growth Rate

20.5% CAGR

Global Internet of Things (IoT) in Smart Cities Market ($ Bn)
Country Share by North America (%)

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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 

The solution segment earned the largest share and continues to dominate the market. The global IoT in smart cities market currently offers innovative and useful solutions centered on integrated platforms that gather, process, and act upon massive amounts of data produced by networked devices. The increase in adaptation of the real-time location systems and remote monitoring contributes effective management and prompt responses. Due to their capacity to improve citizen services, optimize resource management through automation and real-time information, and streamline city operations—all of which promote resilience, sustainability, and efficiency in urban environments, therefore these solutions currently dominate the market. 

On the other hand, the services segment of the global IoT in smart cities market is expected to grow at the fastest rate. First off, there is a growing need for consultancy, integration, and managed services due to the complexity of adopting IoT solutions, which demand specialized skills. Second, cities depend on service providers to create, implement, and manage customized solutions as they aim to maximize the advantages of IoT installations and prioritize data-driven decision-making more and more. Last but not least, as IoT technologies continue to develop, they need constant maintenance and updates, which increases demand for service providers in an ever-changing market. 

Analysis by Application 

The largest segment in the global IoT in smart cities market by application is transportation. Real-time traffic control, predictive maintenance, and improved public transport systems made possible by networked devices and data analytics are the key areas of current innovation and use in smart transport applications within the global IoT in smart cities market. This market is dominated by smart transportation due to its profound effects on urban mobility, which include decreased commuting times, pollution, and traffic while enhancing accessibility and safety. Through the optimization of routes, scheduling, and infrastructure, smart transportation applications enhance the sustainability and efficiency of urban environments. 

The global IoT in smart cities market is expected to experience the fastest growth in the citizen services applications sectors due to its ability to improve quality life for residents. It provides smart classrooms by enhancing learning experiences in the education sector. In healthcare, IoT enables smart patient monitoring, efficient management and services, thus contributing to the expansion of the market. It offers advanced surveillance systems and emergency responses which benefit public safety. They have the potential to improve urban sustainability, efficiency, and quality of life. The growing advancements in IoT technology and citizen security concerns are driving the rapid growth of this segment.

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 had the largest market share. The growth in the regional market is being driven by an increase in government initiatives and funding for smart city projects in both the United States and Canada as they have the sustainable and well-established economies. Over the course of the forecast period, Latin America's share of the market is steadily increasing. The first cities in Brazil and Colombia to implement smart lighting technologies were Sao Paulo and Claro. The adoption of 5G infrastructure using technologies like cloud edge computing and network slicing are contributing to the adoption of IoT in smart cities. Due to rapid digitalization, increasing adoption of smart connected devices, and increase in technological advancement have significantly led to the growth in this region. 

On the other hand, over the course of the projection period, Asia Pacific is anticipated to be the fastest growing region in 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. Based on SkyQuest analysis, the Indian government’s plan of developing 100 smart cities in the country by 2023 has been extended to 2024, to lead a quick expansion of IoT based smart cities in the country. Several countries like South Korea and China have taken lead for taking advantage of IoT. The region is focusing on digital transformation and adoption of advanced technologies which is leading towards its sustainable growth.

Global Internet of Things (IoT) in Smart Cities Market By Geography
  • Largest
  • Fastest

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Internet of Things (IoT) in Smart Cities Market Dynamics

Drivers

Growing Use of Smart and Connected Technologies in Smart City Projects

  • 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.

Increase in Smart City Efforts Globally

  • Smart security systems, such Perimeter Intrusion Detection System (PIDS), are becoming more and more necessary to secure boundaries as a result of the quick growth of lot and smart city programmes. Furthermore, there is a strong emphasis on effective energy management strategies to guarantee accurate metering and reduce waste. IoT technology providers are being invited to contribute to the transportation infrastructure of smart cities in order to optimise and plan routes more effectively, assure proper monitoring and management, and reduce carbon emissions.

Restraints

Concerns about Security and Privacy

  • The main areas of concern for loT in smart city projects are privacy and security. Stakeholders (security experts and smart city designers) must handle privacy and security concerns holistically in order to prevent them from affecting the rest of the smart network. A lot would gather a lot of information regarding individual activities, travels, and purchases. The technical measures to protect privacy include context-sensitive tag behaviour, ownership of data and processes, authorization and access rights for communication and interoperability, and the capability to neutralise tags.

IoT in Smart Cities Requires Significant Upfront Investments

  • A significant obstacle to the market expansion for smart cities is the financing of large-scale initial capital projects. The primary duty of the national and municipal governments today is to make significant investments in the process of transforming the city's infrastructure. Government regulatory authorities are compelled to monetize these systems and ensure significant Role before considering new technology deployments, such as lotteries. Such large investments could also increase the financial burden of debt-ridden governments or local municipal authorities, which negatively affects future general budgets.

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Internet of Things (IoT) in Smart Cities Market Competitive Landscape

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.

Top Player’s Company Profiles

  • 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

  • In February 2024, NEC corporation, a global IT and network transformation service provider will launch a new user plane function (UPF) for telecom operators. It can be used to process user data traffic in 5G networks. It offers an advanced built-in deep packet inspection (DPI) function that provides communication quality and traffic data. 

  • In February 2024, BT launched a new NB-IoT network for UK’s smart cities and industries. The network covers 97% of the UK population which depend on EE-branded LTE network in the 1800o MHz band. 

  • In February 2024, ABiT corporation, an IoT device developer and solution provider, has announced its partnership with UnaBiz, an IoT service provider and integrator, to advance their technologies in smart cities and logistics sector in Japan and globally. They will create a SigFox version for addressing the challenges faced by smart cities and logistics industries.

Internet of Things (IoT) in Smart Cities Key Market Trends

  • Driving Smart Cities with Focus on 5G Infrastructure Implementation: Globally, IoT and government technology companies are concentrating on putting 5G infrastructure into place. For instance, 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.

  • Evolving IoT Technology and Urban Transformation: The potential uses for smart city technologies are growing as a result of ongoing developments in sensors, networking, loT technology, and data analytics. As technology advances, more complex and effective solutions will appear, spurring innovation and market expansion. Furthermore, there is a noticeable shift occurring in metropolitan areas as sustainability, resilience, and citizen-centric development become more important.

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, urban infrastructure has been transformed by the growing use of smart and connected technologies in smart city initiatives, including IoT, cloud, mobility, data communications, and AI. This has allowed for improved connectivity and a thorough redesign of smart city ecosystems, with IoT being one area where major effects are expected. The adoption of IoT technology in smart city applications including smart utilities and smart citizen services is expected to raise the adoption of IoT in smart cities, thus driving the market growth. The solution segment is the largest while the services segment is growing at a quick pace. North America is the leading region whereas the Asia-Pacific is growing quickly. One ongoing trend is the adoption of 5G infrastructure implementation which is driving the market. Both startups and large multinational corporations compete for supremacy in the highly competitive global IoT in smart cities market. Schneider Electric, Siemens AG, IBM, and Cisco Systems lead the market with comprehensive IoT solutions, while newcomers like Microsoft Corporation and Huawei Technologies use their experience in networking, cloud computing, and data analytics to address changing urban opportunities and challenges. The increasing emphasis on sustainability and the implementation of 5G infrastructure for smart cities, as demonstrated by initiatives such as India's, is expected to drive demand for IoT technologies and data analytics, which are fostering innovation and expansion in smart city applications.

Report Metric Details
Market size value in 2022 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
  • Offering
    • 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)
  • Application
    • Smart Transportation, Smart Building, Utilities, Citizen Services (Education, Healthcare, Public Safety)
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
  • 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)
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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
  • 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
  • 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
  • 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(%)

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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FAQs

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).

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)'

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.

Driving Smart Cities with Focus on 5G Infrastructure Implementation: Globally, IoT and government technology companies are concentrating on putting 5G infrastructure into place. For instance, 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.

North America had the largest market share. The growth in the regional market is being driven by an increase in government initiatives and funding for smart city projects in both the United States and Canada as they have the sustainable and well-established economies. Over the course of the forecast period, Latin America's share of the market is steadily increasing. The first cities in Brazil and Colombia to implement smart lighting technologies were Sao Paulo and Claro. The adoption of 5G infrastructure using technologies like cloud edge computing and network slicing are contributing to the adoption of IoT in smart cities. Due to rapid digitalization, increasing adoption of smart connected devices, and increase in technological advancement have significantly led to the growth in this region. 

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