DUBLIN–(BUSINESS WIRE)–The “Global IoT in Smart Cities Market by Offering, Solution (Remote Monitoring, Network Management, and Reporting and Analytics), Service, Application (Smart Transportation, Smart Building, and Smart Utilities) and Region – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
“Global IoT in Smart Cities Market by Offering, Solution (Remote Monitoring, Network Management, and Reporting and Analytics), Service, Application (Smart Transportation, Smart Building, and Smart Utilities) and Region – Forecast to 2026”
The global IoT in smart cities market size to grow from USD 130.6 billion in 2021 to USD 132.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0 % during the forecast period.
The Service segment to have a higher CAGR during the forecast period
The services segment in the IoT in smart cities market is expected to grow, as major players are focused on offering services. Through professional services, vendors offer comprehensive services by deploying the latest techniques and tools, skills, knowledge, and strategies to address the need for IoT in smart cities. Managed services are provided to outsource specific solutions. The major factors responsible for the growth of the services segment is the rising trend of adopting IoT professional services to reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) and the demand for highly customized IoT services in the industrial and transportation sectors.
Smart citizen service application segment to account for larger market size during the forecast period
IoT is reshaping citizen services. It has wide applications in healthcare, education, and public safety. Smart education solutions have undergone a rapid transformation, and organizations are moving toward mobile technologies, With the help of IoT, educational institutions are not only improving their learning experiences but also efficiently manage their OPEX and CAPEX. The adoption of Interactive White Boards (IWBs), projectors, and printers are seen as a driver for change in the education industry, and the increasing number of connected medical devices and the proliferation of smartphones have significantly contributed toward the growth of IoT. Thus, Governments across the globe are actively using IoT to increase the safety of their citizens. To lower the crime rates and address the increasing number of illegal activities, governments have been using IoT based smart city solutions and services.
Among regions, APAC to hold higher CAGR during the forecast period
Asia Pacific is an emerging IoT in smart cities market. China, Japan, and Singapore are the major countries contributing to the growth of the market in the region. Asia Pacific also houses other major economies, such as Australia, South Korea, and India. Japan and China are among the largest manufacturing economies that produce automobiles, information technology products, and electronic products. The IoT in smart cities market paradigm has changed considerably with the growing popularity of advanced technologies such as AI and big data analytics.
Market Dynamics
Drivers
- Increasing Number of Government Initiatives and PPP Models for Smart Cities
- IoT to Bring Improvements to the Communication Infrastructure
- Exponential Rise in Urban Population Actuating Smart Management
- Rising Adoption of Connected and Smart Technologies in Smart Cities Initiatives
Restraints
- Privacy and Security Concerns Over the Use of Iot
- Lack of Advancements in Communication Technology and Poor Operational Efficiency in Developing Economies
Opportunities
- Increase in Smart City Initiatives Worldwide
- Increase in Connected Devices to Drive the Growth of Iot
- Smart Meters
- Smart Appliances
- Emerging 5G Technology to Help IoT Adoption, Globally
- Drones for the Enforcement of Compliance
Challenges
- Lack of Knowledge Among the People About IoT and Smart Cities
- Huge Initial Investments Required for IoT in Smart Cities
- Disruption in Logistics and Supply Chain
Companies Mentioned
- Agt International
- Appyway
- Arm
- Bosch
- Cisco
- Confidex
- Deutsche Telekom
- Enevo
- Flamencotech
- Hitachi
- Honeywell
- Huawei
- Ibm
- Intel
- Microsoft
- Optibus
- Ptc
- Quantela
- Sap
- Schneider Electric
- Siemens
- Sierra Wireless
- Signify
- Takadu
- Tech Mahindra
- Verizon
- Youon
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