IoT in Smart Cities Market by Solution (Remote Monitoring, Network Management, Reporting, and Analytics), Service, Application (Smart Transportation, Smart Building, Smart Utilities, and Smart Citizen Services), and Region - Global Forecast to 2025
“Increasing number of government initiatives and Public-Private Partnership (PPP) model for smart cities are set to drive the IoT in smart citiesmarket.”
The global IoT in smart citiesmarket size is projected to grow from USD 113.1 billion in 2020 to USD 260.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period. The increase in the adoption of cloud and evolution of high-speed network technologies will lead to a broader base of individuals interested in purchasing IoT devices.The rising adoption of connected and smart technologies in smart cities initiatives is also expected to drive the market growth. However,the lack of knowledge among people about IoT and smart cities is one of the factors hindering the market growth. The objective of the report is to define, describe, and forecast the IoT in smart citiesmarket size based on offering, solutions, services, application, and region.
In a short time, the COVID-19 outbreak has affected markets and customers' behavior and is making a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities shutting down for an indefinite period; major sports and events being postponed; and work-from-home and social distancing policies in effect, businesses are increasingly looking for technologies to help them sail through these difficult times. The COVID-19 pandemic is impacting businesses across the globe. Analytics companies are trying to fight this pandemic by keeping their assets online and ensuring the privacy and security of data across networks.
“Services: The fastest-growing segment of the IoT in smart citiesmarket, by offering”
The IoTin smart cities market, based on offering, covers solutions and services. The services market in the IoT in smart cities is expected to grow, as major players are focused on offering services. The increasing integration of ICT and IoT with different industries is considered as the primary driver influencing the growth of the IoT in smart cities services market. The major factors responsible for the growth of the IoT professional services segment include the rising trend of adopting IoT-based services to reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) and demand for highly customized IoT services in the industrial and transportation sector.
“Smart Citizen Services: The largest growing vertical segment of the IoT in smart citiesmarket.”
The IoT in smart cities market has been primarily divided into four applications, namely, smart transportation, smart building, smart utilities, and smart citizen services. The smart citizen services are the highest contributing segment among applications as governments are investing in more citizen-centric services.IoT is reshaping the citizen services. It has wide applications in healthcare, education, and public safety.The extensive use of IoT in medical records management, remote monitoring, data analytics, and telemedicine are driving the adoption of solutions in the smart citizen services segment.
“APAC: The fastest-growing region in the IoT in smart citiesmarket.”
The growing digitalization across the APAC region to deal with a massive amount of data would drive the adoption of IoT in smart cities platform in the region.APAC has successfully facilitated cooperation projects under the low-carbon model town and IoT-based smart cities and has gathered valuable experience in the process, which can be shared among the member economies. Moreover, the increasing number of startups and growing government investments in analytics are expected to drive the adoption of IoT in smart cities in the APAC region.
Breakdown of primaries
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%
By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%
By Region: North America: 25%, APAC: 30%, Europe: 30%, MEA: 10%, and Latin America: 5%
TheIoT in smart citiesmarket is dominated by a few globally established players such as IBM (US), Cisco Systems (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), and FlamencoTech (India).
The report segments the IoT in smart citiesmarket and forecasts its size, by volume and value, based on region (North America, Europe, APAC, MEA, and Latin America), offering (solutions and services), by solution (remote monitoring, real-time location system, network management, security, data management, and reporting and analytics), by service (professional services [remote monitoring, real-time location system, network management, security, data management, and reporting and analytics] and managed services), and by application (smart transportation, smart building, smart utilities, and smart citizen services), smart citizen service [education, healthcare, and public safety]).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the IoT in smart citiesmarket. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT in smart citiesmarket and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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