Portland, OR , Oct. 05, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “IoT in Smart Cities Market by Offering (Solution, and Service), and Application (Smart Building, Smart Transportation, Smart Citizen Services, and Smart Utilities): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global IoT in smart cities industry generated $148.6 billion in 2022, and is anticipated to generate $931.5 billion by 2032, witnessing a CAGR of 20.5% from 2023 to 2032.
IoT, also known as the Internet of Things (IoT), in Smart Cities means the integration of different devices, objects and systems within the city’s infrastructure to enhance productivity, sustainability and overall quality of life. In simple terms, IoT refers to the connection of everyday objects and their ability to communicate and share information with each other and humans via the internet. The use of Internet of Things (IoT) technologies in smart cities enables the collection and analysis of information from sensors, camera systems, vehicles and other devices. This enables city managers to make better decisions and allocate resources more efficiently. As a result, public services can be improved, traffic management can be improved, energy efficiency can be improved, and safety and security can be improved.
Prime Determinants of Growth:
The global IoT in smart cities market has witnessed significant growth over the past decade, due to growth in the deployment of connected and smart technologies, increase in government initiatives and smart city projects, and sustainability and resource optimization. However, high initial investment while implementing IoT systems is a major factor hampering the growth of the market. Furthermore, an increase in implementation of 5G technology, and citizen engagement and co-creation will create lucrative opportunities in the upcoming years.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $148.6 Billion |
| Market Size in 2032 | $931.5 Billion |
| CAGR | 20.5% |
| No. of Pages in Report | 250 |
| Segments Covered | Offering, Application, and Region |
| Drivers | Growth in the deployment of connected and smart technologies. Increase in government initiatives and smart city projects. Sustainability and resource optimization. |
| Opportunities | Increase in implementation of 5G technology. Citizen engagement and co-creation. |
| Restraints | Huge initial investment |
COVID-19 Scenario:
- The pandemic accelerated the digital transformation efforts of cities. IoT solutions have played a crucial role in enabling remote monitoring, contactless services, and data-driven decision-making to mitigate the spread of the virus.
- The healthcare sector within smart cities witnessed a surge in IoT adoption. Remote patient monitoring, contact tracing, and real-time health data collection became crucial in the fight against COVID-19. IoT devices and sensors were deployed in hospitals and healthcare facilities to track patient vital signs, manage medical supplies, and optimize healthcare resource allocation. In addition, the pandemic reinforced the value of data-driven decision-making. Smart cities invested in IoT platforms and analytics tools to collect and analyze data for better pandemic response, and these capabilities are now being applied to various aspects of urban management.
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The solutions segment to maintain its leadership status throughout the forecast period-
Based on offering, the solutions segment held the highest market share in 2022, accounting for more than two-thirds of the global IoT in smart cities market revenue, and is expected to maintain its leadership status throughout the forecast period. This is attributed to the fact that integration of IoT solutions in emerging technologies facilitates infrastructure safer, equitable society, reduces the crime rate, and also offers technologically advanced surroundings. However, the services segment is projected to manifest the highest CAGR of 22.5% from 2023 to 2032. This is due to the rapid growth of urban populations which is leading to higher demand for smart city services to address the challenges of congestion, resource management, and environmental sustainability. Service providers are needed to design, deploy, and manage IoT solutions that enhance urban infrastructure and services, making cities more livable and efficient.
The smart building segment to maintain its leadership status throughout the forecast period-
Based on application, the smart transportation segment held the highest market share in 2022, accounting for around two-fifths of the global IoT in smart cities market revenue. This is attributed to the increasing mismanagement of traffic flow, road accidents, and harmful vehicle emissions, among others. Considering the impact of transportation on citizens’ lives and the economy, technology providers are focusing on providing smart transportation facilities. On the other hand, the smart building segment to maintain its leadership status throughout the forecast period. However, the smart utilities segment is projected to manifest the highest CAGR of 23.8% from 2023 to 2032. This is attributed to the growing energy demand which has sparked the adoption of virtual power plants, which operate on AI, machine learning, and IoT to provide security and efficiency.
Asia-Pacific to maintain its dominance by 2032-
Based on region, North America held the major share in 2022, accounting for nearly two-fifths of the global IoT in smart cities market revenue. This is due to continuous urbanization, with a significant portion of its population residing in cities. This trend is pushing cities to adopt IoT solutions to enhance urban services, improve resource management, and address the challenges associated with urban growth. On the other hand, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same region would also showcase the fastest CAGR of 24.4% from 2023 to 2032. Owing to growing awareness and demand for smart buildings and space solutions in highly populated areas are driving the demand for this technology in smart cities in Asia Pacific.
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Leading Market Players: -
- Cisco Systems Inc.
- Siemens
- Huawei Technologies Co., Ltd.
- Innowise Group
- GE Digital
- SAP SE
- Altoros
- Bosch Limited
- PTC
- Andersen Inc.
The report provides a detailed analysis of these key players of the global IoT in smart cities market. These players have adopted different strategies such as partnerships, product launches, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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