Home / Information and Communications Technology / IoT in Smart Cities Market by Offerings Solutions (Remote Monitoring, Real-time Location System, Data Management, Reporting and analytics, Security, Network Management) 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, Education, Healthcare, Public Safety)- Growth, Future Prospects And Competitive Analysis, 2016 - 2028

IoT in Smart Cities Market by Offerings Solutions (Remote Monitoring, Real-time Location System, Data Management, Reporting and analytics, Security, Network Management) 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, Education, Healthcare, Public Safety)- Growth, Future Prospects And Competitive Analysis, 2016 - 2028

Published Date: Feb 2022
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Report ID: 60502
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Report Format: PDF
Information and Communications Technology
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Pages: 138
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Rating: 4.2 (43)

IoT in Smart Cities Market Analysis

The worldwide IoT in the smart cities market is expected to grow rapidly over the next decade. There are various factors that will be driving this trend. This includes the increased deployment of IoT for managing infrastructure and monitoring cities. Also, the rapid increase in population of urban areas is projected to increase the use of IoT for smart cities.

The covid-19 epidemic has had a major impacts on all walks of life. It has changed markets as well as customer behavior. It continues to impact economies and societies. Governments, utilities, media, telecommunications and healthcare are working to restore economies and societies so that things can return to normal. In particular, the global telecom industry is endeavoring to support and expand the digital infrastructure across various countries during the pandemic.

iot-in-smart-cities-market

Global IoT in Smart Cities market is expected to witness CAGR of 13.86% during the forecast period. The revenue generated by the global IoT in Smart Cities market in 2021 was over USD 130.56 million and expected to generate revenue worth USD 355.53 million in 2028. The incremental growth opportunity offered by the global IoT in Smart Cities is estimated to be USD 1.75 trillion between 2022 and 2028.     

Interesting Facts about IoT in Smart Cities Industry

  • AT present, there are more than 250 smart city projects are undergoing around the world
  • 5G implementation is poised to play major role in the growth of IoT in Smart Cities industry
  • Currently there are more than 4.3 billion internet users that makes IoT in Smart Cities most attractive industry
  • IoT is all set to transform smart building and transportation in Smart Cities
  • However, cyber security is major threat for the growth of IoT in Smart Cities

Growing Demand for Connected Smart Cities

According to surveys, offline organizations had to endure more losses than online organizations owing to the pandemic. Online organizations saw an increase in online demand which boosted their revenue. A large percentage of business executives belonging to online organizations have said that their business revenue has improved following the covid-19 outbreak. On the other hand, over half of offline organizations said that they experienced declining revenue. There is a major demand for IoT based smart cities solutions from different sectors. Smart cities can leverage network connectivity, security, cloud, analytics and big data using IoT based solutions.

Wide Ranging Applications of IoT in Smart Cities

IoT is now being utilized across different fields in smart city applications like smart citizen services as well as smart utilities. As a result, the growth of smart cities will increase during the outbreak. This is because regulatory authorities in different countries are focusing on living standards, safety and health of their citizens. Vendors of IoT solutions need to manage IoT devices deployed in different cities to be able to exploit the management features of their platforms.

Solutions to Dominate Global Market

Solutions and Services are major segments of IoT in Smart Cities market by offering. Solutions segment dominate the total revenue generation by IoT in smart cities industry in 2021. Solutions segment can be further segmented as Remote Monitoring, Real-time Location System, Data Management, Reporting and analytics, Security and Network Management. While, services segment is segmented as Professional Services, Consulting, System Integration and Deployment and Support and Maintenance.

Smart Building & Transportation to Lead

Smart Transportation, Smart Building, Smart Utilities and Smart Citizen Services are some of the major application areas of IoT in smart cities. Smart Transportation and Smart Building collectively held over 35% share in 2021. Smart citizen services segment can be further sub-divided into Education, Healthcare and Public Safety.  

Amalgamation Smart Cities with Various Technologies

The market dynamics is being shaped by the rise in smart technologies and connected solutions in smart city initiatives. The smart city environment is being managed with various technologies such as AI, data communications, mobility, cloud and IoT which are now critical components of city infrastructures. The increased deployment of such technologies in the past few years is allowing better connectivity. As a result, the smart city ecosystem is undergoing radical transformation and continuous evolution.

From the technological point of view, interest is growing in various emerging technologies. As a result, digital technologies like cybersecurity, IoT, data analytics, machine learning and deep learning will have a major influence on the development of smart city projects around the world in the next decade.

5G is Poised to Play Major Role

The implementation of 5G technology, in particular, is poised to fuel the rise of smart cities. Thanks to IoT and 5G connectivity advancements, cities and urban centers are now becoming autonomous and self-governing. For smart transportation, the system gathers data from different sources and transmits it to a centralized system over the cloud. Such technologies will help enrich the lives of citizens residing in smart cities. AGT Group GmbH, Appyway, Arm Ltd., Cisco Systems Inc., Confidex Ltd., Deutsche Telekom AG, Enevo Inc., FlamencoTech Technology Solutions Pvt. Ltd, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co.Ltd, IBM Corporation, Intel Corporation, Microsoft Corporation, Optibus Ltd., PTC, Quantela, Robert Bosch GmbH, SAP SE, Schneider Electric, Siemens AG, Sierra Wireless, Signify Ltd., Takadu Ltd., Tech Mahindra Ltd., Verizon Communications and Youon Technology Co., Ltd. are some of the major players operating in IoT in Smart Cities market around the world.

Frequently asked questions about global IoT in Smart Cities industry

Likewise other industries, COVID 19 also taken a toll on IoT in Smart Cities market with around -18.54% decline in its revenue in 2020 as compare to 2019

North America is the largest regional market with highest share in the total revenue generation of IoT in Smart Cities consumed in 2021

Ever increasing smart city projects coupled with rising usage of connected technology and IoT in smart city projects is primarily fuelling the demand for IoT in Smart Cities

Solutions segment dominated the IoT in Smart Cities market in 2021 with over 60% share

Smart Buildings and Smart Transportation was the largest application of IoT in Smart Cities in 2021 with over 35% share

IoT in Smart Cities Report Scope

Report Attribute Details
Market Value in 2021 USD 130.56 million
Market Value in 2028 USD 355.53 million
CAGR 13.86% between 2021 and 2028
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
Segments covered

Offerings

Solutions

  • Remote Monitoring
  • Real-time Location System
  • Data Management
  • Reporting and analytics
  • Security
  • Network Management

 

Services

  • Professional Services
  • Consulting
  • System Integration and Deployment
  • Support and Maintenance
  • Managed Services

Application

Smart Transportation

Smart Building

Smart Utilities

Smart Citizen Services

  • Education
  • Healthcare

Public Safety

Major Players Analysed AGT Group GmbH, Appyway, Arm Ltd., Cisco Systems Inc., Confidex Ltd., Deutsche Telekom AG, Enevo Inc., FlamencoTech Technology Solutions Pvt. Ltd, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co.Ltd, IBM Corporation, Intel Corporation, Microsoft Corporation, Optibus Ltd., PTC, Quantela, Robert Bosch GmbH, SAP SE, Schneider Electric, Siemens AG, Sierra Wireless, Signify Ltd., Takadu Ltd., Tech Mahindra Ltd., Verizon Communications and Youon Technology Co., Ltd.
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