Dublin, Jan. 18, 2022 (GLOBE NEWSWIRE) -- 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.
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.
IoT bringing improvement to communication infrastructure is one of key drivers for IoT in smart cities, every smart city needs to ensure that communications platforms are established and accessible to realize the concept in an open and resource-efficient manner. for instance, fixed networks, mobile networks, and dedicated networks for IoT applications would be critical for such cities.
In a short time, the COVID-19 outbreak has affected markets and customer behaviors and substantially impacted economies and societies. Healthcare, telecommunication, media and entertainment, utilities, and government verticals function day and night to stabilize conditions and facilitate prerequisite services to every individual. The telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic.
According to Fujitsu's Global Digital Transformation Survey, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of the business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues.
Innovative IoT-based smart city solutions, which can be effectively coupled with big data, analytics, cloud, security, and network connectivity, are witnessing massive demand from various sectors. The adoption of IoT technology in smart city applications, such as smart utilities and smart citizen services, is expected to raise the adoption of IoT in smart cities during the pandemic as regulatory authorities of various countries are majorly focused on monitoring health, safety, and living standards of their citizens. To cater to the need for managing IoT devices across various cities, IoT solutions vendors need to enhance the management capabilities of their platforms.
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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the IoT in Smart Cities Market
4.2 North America: Market, by Key Offerings and Top 3 Applications
4.3 Asia-Pacific: Market, by Key Services and Top 3 Solutions
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of Government Initiatives and Ppp Models for Smart Cities
5.2.1.2 IoT to Bring Improvements to the Communication Infrastructure
5.2.1.3 Exponential Rise in Urban Population Actuating Smart Management
5.2.1.4 Rising Adoption of Connected and Smart Technologies in Smart Cities Initiatives
5.2.2 Restraints
5.2.2.1 Privacy and Security Concerns Over the Use of Iot
5.2.2.2 Lack of Advancements in Communication Technology and Poor Operational Efficiency in Developing Economies
5.2.3 Opportunities
5.2.3.1 Increase in Smart City Initiatives Worldwide
5.2.3.2 Increase in Connected Devices to Drive the Growth of Iot
5.2.3.2.1 Smart Meters
5.2.3.2.2 Smart Appliances
5.2.3.3 Emerging 5G Technology to Help IoT Adoption, Globally
5.2.3.4 Drones for the Enforcement of Compliance
5.2.4 Challenges
5.2.4.1 Lack of Knowledge Among the People About IoT and Smart Cities
5.2.4.2 Huge Initial Investments Required for IoT in Smart Cities
5.2.4.3 Disruption in Logistics and Supply Chain
5.3 Industry Trends
5.4 COVID-19 Market Outlook for IoT in Smart Cities Networks
5.4.1 Cumulative Growth Analysis
6 IoT in Smart Cities Market, by Offering
6.1 Introduction
6.1.1 Offerings: COVID-19 Impact
6.2 Solutions
6.3 Services
7 IoT in Smart Cities Market, by Solution
7.1 Introduction
7.1.1 Rapid Digitalization and Urbanization Increasing the Demand for IoT Solutions
7.2 Remote Monitoring
7.2.1 COVID-19 Forcing Organizations to Adopt a Remote Working Model, Thus Increasing the Demand for IoT Solutions
7.2.2 Remote Monitoring: Market Drivers
7.2.3 Real-Time Location System
7.2.3.1 Real-Time Location-Based Analysis, Visualization, and Real-Time Tracking of Equipment and People Leading to an Increase in Real-Time Location IoT Solutions
7.2.4 Real-Time Location System: IoT in Smart Cities Market Drivers
7.2.5 Network Management
7.2.5.1 Network Management Solution Providing a Common Platform to Manage the Entire Network of an Organization
7.2.6 Network Management: Market Drivers
7.2.7 Security
7.2.7.1 IoT Devices Such as Sensors and Cameras Helping Security Teams Work Remotely and Detect Unwanted Intruders
7.2.8 Security: IoT in Smart Cities Market Drivers
7.2.9 Data Management
7.2.9.1 IoT Data Management Solutions Providing a Standardized Platform for Storing, Processing, and Managing Data Analysis
7.2.10 Data Management: Market Drivers
7.2.11 Reporting and Analytics
7.2.11.1 IoT Reporting and Analytics Solutions Enabling Existing IoT Device Data to Create Immersive, Dynamic, and Personalized Analysis
7.2.12 Reporting and Analytics: Market Drivers
8 IoT in Smart Cities Market, by Service
8.1 Introduction
8.1.1 Services: Market Drivers
8.1.2 Services: COVID-19 Impact
8.2 Professional Services
8.2.1 Consulting
8.2.1.1 Growing Need for Implementing Iot-Enabled Services Expected to Drive the Growth of Consulting Services
8.2.2 Deployment and System Integration
8.2.2.1 Growing Demand for Integration with Existing Infrastructure and Deployment of IoT Devices Driving the Growth of Deployment and System Integration Services
8.2.3 Support and Maintenance
8.2.3.1 Exponential Growth in the Usage of Iot-Enabled Devices Driving the Need for Support and Maintenance of These Devices
8.2.4 Managed Services
8.2.4.1 Rising Need to Run the Entire Citizen Services Smoothly and Improve Strategic and Tactical Significance Driving the Need for Managed Services
9 IoT in Smart Cities Market, by Application
9.1 Introduction
9.1.1 Application: COVID-19 Impact
9.2 Smart Transportation
9.2.1 Rapid Increase in Traffic Congestion to Create a Demand for IoT in Smart Cities Solutions and Services Across the Globe
9.2.2 Smart Transportation: Market Drivers
9.3 Smart Building
9.3.1 Increased Need for the Iot-Enabled Building Management System Driving the Growth of Smart Building Solutions
9.3.2 Smart Building: Market Drivers
9.4 Smart Utilities
9.4.1 Growing Demand for Enhanced Grid Reliability and Efficient Outage Response Driving the Need for Smart Utilities
9.4.2 Smart Utilities: Market Drivers
9.5 Smart Citizen Services
9.5.1 Growing Need for Digitalization with the Help of IoT Devices in the Education, Healthcare, and Public Safety Sectors
9.5.2 Smart Citizen Services: Market Drivers
9.5.3 Education
9.5.3.1 Exponential Increase in the Use of Mobile Devices and IoT Devices for Education Across the Globe Driving the Need for Smart Education
9.5.4 Healthcare
9.5.4.1 Growing Use of IoT in Medical Records Management, Remote Monitoring, and Telemedicine Driving the Growth of the Smart Healthcare Segment
9.5.5 Public Safety
9.5.5.1 Growing Security Concerns due to the Increased Adoption of IoT Devices Across the Globe
10 IoT in Smart Cities Market, by Region
11 Competitive Landscape
11.1 Overview
11.2 Key Player Strategies
11.3 Market Share Analysis of Top Players
11.4 Historical Revenue Analysis
11.5 Company Evaluation Quadrant
11.5.1 Stars
11.5.2 Emerging Leaders
11.5.3 Pervasive Players
11.5.4 Participants
11.6 Competitive Benchmarking
11.7 Startup/Sme Evaluation Quadrant
11.7.1 Progressive Companies
11.7.2 Responsive Companies
11.7.3 Dynamic Companies
11.7.4 Starting Blocks
11.8 Competitive Scenario
11.8.1 Product Launches
11.8.2 Deals
11.8.3 Others
12 Company Profiles
12.1 Major Players
12.1.1 Cisco
12.1.2 Ibm
12.1.3 Microsoft
12.1.4 Huawei
12.1.5 Intel
12.1.6 Siemens
12.1.7 Hitachi
12.1.8 Schneider Electric
12.1.9 Tech Mahindra
12.1.10 Honeywell
12.1.11 Sap
12.1.12 Sierra Wireless
12.1.13 Bosch
12.1.14 Ptc
12.1.15 Signify
12.1.16 Verizon
12.1.17 Arm
12.1.18 Deutsche Telekom
12.1.19 Youon
12.2 Startup/Smes Players
12.2.1 Quantela
12.2.2 Confidex
12.2.3 Agt International
12.2.4 Takadu
12.2.5 Optibus
12.2.6 Enevo
12.2.7 Flamencotech
12.2.8 Appyway
13 Adjacent & Related Markets
14 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/ee25b4
