Information and Communication Technology IoT in Smart Cities Market is projected to grow up to 18.5% CAGR during the forecasting pe...

IoT in Smart Cities Market is projected to grow up to 18.5% CAGR during the forecasting period 2021-2027.

The Internet of Things (IoT) connects the physical world with the digital world. The Internet of Things (IoT) connects people and things by utilising intelligent sensors and other data-gathering tools, hardware and software platforms that facilitate processes and analyse information, as well as sophisticated communications equipment and networks, to transform data into actions, insights, and outcomes. As a result, we are experiencing a shift in the way we live, work, and conduct business. Increased government initiatives and PPP models for smart cities, as well as improvements in communication infrastructure brought about by the Internet of Things, are the primary factors driving growth in the IoT in smart cities market. The increasing adoption of connected and smart technologies in smart cities initiatives is another major factor driving growth in the market. However, a lack of awareness about the Internet of Things among the general public, as well as the high initial investment required for the setup, are limiting the market's growth. The research includes a complete analysis of the major market characteristics, including the dominant firms, end-users, and leading product categories. The report is divided into three sections. Additionally, the research provides practical insights into current and projected market trends, as well as a summary of significant industry advancements and developments. Apart from these aspects, the research provides a comprehensive knowledge of the primary drivers, restraints, and segments that are contributing to the market's expansion.

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Key Driving Factors: An increasing number of government initiatives and public-private partnership models for smart cities are being developed.

The concept of smart cities is growing as a result of the increasing rate of urbanisation occurring throughout the world. The Internet of Things (IoT) is a critical technology for smart city development, and it is growing at the same time. In order to provide their inhabitants with a variety of modern services, governments from a variety of countries are launching a number of smart city programmes. The implementation of the Internet of Things in smart city initiatives necessitates the collaboration of numerous parties, including telecom operators, infrastructure providers, service providers, manufacturers, public sector organisations, and user groups.

Opportunities:The rise of the Internet of Things will be fueled by an increase in linked devices.

Organizations have tremendous opportunities to extract relevant data from connected devices and the internet, such as consumer behaviour in retail outlets, for real-time marketing analysis, sensor-driven decision analytics, and instantaneous control response in complex autonomous systems, among other things. The Internet of Things (IoT) connects businesses and governments with all smart prospects, such as smart cities, smart transportation, and smart utilities, and enables them to obtain location-based data in real time from these prospects. Aside from that, the availability of high-speed network connectivity has provided chances for many sectors such as energy, healthcare, transportation and other utility sectors to improve monitoring and administration of the entire infrastructure, resulting in increased efficiency.

This report offers the major market player’s profiles, such as  IBM (US), Cisco (US), Intel (US), Huawei (China), Microsoft (US), Tech Mahindra (India), Siemens (Germany), Bosch (Germany), PTC (US), Schneider Electric (France), ARM (England), Quantela (US), Hitachi (Japan), Sierra Wireless (Canada), Youon (China), SAP (Germany), Deutsche Telekom (Germany), Confidex (Finland), Verizon (US), AGT International (Switzerland), Takadu (Israel), Optibus (Israel), Enevo (US), Telensa (UK), FlamencoTech (India).

Based on Application:  In 2021, the smart transportation category was the most dominant, accounting for a revenue share of more than 35% of the whole market. Growth is being driven by increasing traffic congestion difficulties caused by growing urbanisation, as well as the need to improve public transportation infrastructure in both developing and developed countries around the world. The rising use of Internet of Things (IoT) technology in the sector of transportation has also given authorities more control by allowing for more efficient traffic management in urban areas.

The IoT in Smart Cities Market report has been categorized as below

By Offering

  • Solutions

  • Services

By Solution

  • Remote Monitoring

  • Real-Time Location System

  • Network Management

  • Security

  • Data Management

  • Reporting and Analytics

By Services

  • Professional Services

    • Consulting

    • System Integration and Deployment

    • Support and Maintenance

  • Managed Services

By Application

  • Smart Transportation

  • Smart Building

  • Smart Utilities

  • Smart Citizen Services

By Region

  • North America

  •  Europe

  • Asia Pacific

  • Rest of World

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Published Date : July-2021