According to the report by Expert Market Research (EMR), the global IoT in smart cities market size reached a value of approximately USD 154.11 billion in 2022. Aided by the growing urban population, the urgent need for resource management, and the increasing trend of digital transformation, the market is projected to further grow at a CAGR of 18.40% between 2023 and 2028 to reach a value of USD 424.56 billion by 2028.
IoT, or Internet of Things, is a system of interconnected devices and machines, enabling them to exchange and analyse data. In the context of smart cities, IoT integrates multiple information and communication technologies (ICT) to manage a city’s assets efficiently. These assets include public transportation, waste management systems, water supply networks, information systems, and other community services.
The rapid growth of the urban population worldwide and the subsequent strain on resources are significant drivers for the global IoT in smart cities market growth. As cities seek sustainable ways to accommodate this demographic shift, there is an increased emphasis on smart, connected, and efficient solutions. This push towards digital transformation in urban infrastructure propels the market’s growth.
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Further, the increased focus on energy efficiency and reducing carbon emissions is fuelling the IoT in smart cities market expansion. By utilising IoT-enabled devices and systems, cities can manage their energy usage more effectively, leading to substantial energy savings and a reduced carbon footprint. For instance, smart lighting systems can adjust the intensity of light based on natural light available, leading to substantial energy conservation.
The integration of IoT in various sectors like transportation, healthcare, and public safety also significantly contributes to the IoT in smart cities market development. In transportation, IoT can help manage traffic efficiently, reducing congestion and improving road safety. Similarly, in the healthcare sector, IoT can facilitate remote health monitoring and telemedicine, improving healthcare accessibility.
Another significant trend impacting the IoT in smart cities market is the increasing deployment of 5G technology. The advent of 5G provides a massive boost to IoT applications by offering higher speeds, larger network capacity, and lower latency. This enhanced connectivity is crucial for the successful implementation of smart city projects, enabling real-time data collection and analytics, and improving decision-making processes.
Furthermore, the rise in government initiatives supporting the development of smart cities also provides a significant boost to the IoT in smart cities market demand. Many governments worldwide have initiated smart city projects, focusing on integrating digital technologies with urban infrastructure to enhance the quality of life for their citizens and improve resource efficiency. These initiatives also attract substantial investment in IoT technologies, further driving market growth.
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IoT in Smart Cities Market Segmentation
The market can be divided based on component, deployment model, application, and region.
Market Breakup by Component
- Solution
- Location Analytics
- Security Management
- Real-Time Streaming Analytics
- Remote Monitoring System
- Data Management Solutions
- Reporting and Analytics
- Services
Market Breakup by Deployment Model
- On-Premises
- Cloud
Market Breakup by Application
- Smart Healthcare
- Smart Infrastructure
- Smart Energy
- Smart Transportation Public Safety
- Smart Building
- Environmental Monitoring
- Smart Governance
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global IoT in smart cities companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Cisco Systems Inc.
- Huawei Technologies Co., Ltd.
- Nokia Corporation
- Microsoft Corporation
- ScienceSoft USA Corporation
- Avnet, Inc.
- Thales Group
- Intel Corporation
- Others
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