Global Internet of Things (IoT) in Smart Cities Market

Internet of Things (IoT) in Smart Cities Market Size, Share, Growth Analysis, By Offering(Solution and Service), By Application(Smart Transportation, Smart Building) - Industry Forecast 2024-2031

Report ID: SQMIG45I2200 | Region: Global | Published Date: May, 2024
Pages: 157 | Tables: 61 | Figures: 70

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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 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 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.

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.

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