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

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).

Who are the key vendors in the Internet of Things (IoT) 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)'

What is the key driver of Internet of Things (IoT) 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 Internet of Things (IoT) 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 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.

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

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.

Internet of Things (IoT) in Smart Cities Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to internet of things (iot) in smart cities market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Internet of Things (IoT) in Smart Cities Market News

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 Market Report Snapshots

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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).

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

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