Westford, USA, June 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Internet of Things (IoT) in Smart Cities Market will attain a value of USD 795.98 billion by 2031, with a CAGR of 20.5% during the forecast period (2024-2031). Smart cities use the Internet of Things (IoT) to collect real-time environmental data from connected devices and smart technologies. IoT devices, sensors and data analytics are all integrated into the concept of "smart cities" to enhance urban growth, efficiency and sustainability. One of the major factors driving the expansion of the market in smart cities is the rise of government initiatives and smart city projects. With the Internet of Things and the explosive growth of smart city initiatives, the demand for smart security systems such as PIDS (Perimeter Intrusion Detection System) is growing, with a focus on energy management a more effectively to improve evaluation and reduce waste.
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- Figures – 70
Internet of Things (IoT) in Smart Cities Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 179.06 billion |
| Estimated Value by 2031 | USD 795.98 billion |
| Growth Rate | Poised to grow at a CAGR of 20.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Evolving IoT Technology and Urban Transformation |
| Key Market Drivers | Increasing Popularity of Online Shopping |
Solution Segment to Dominate Due to Rise in the Efficiency in Urban Environments
The solution had the largest share dominates the market. The market offers practical new solutions focused on integrated information that stores, processes, and acts on large amounts of data with connected devices systematically to improve public services. Provide resource efficiency through automation and real-time information, transformative, sustainable outcomes in urban environments around us, and encourage efficiency.
Smart Cities Segment to Drive Market Due to its Transformational Potential for Urban Growth
The market is expected to grow rapidly in smart construction, smart utilities, smart city services industries due to its transformational potential for urban growth and efficiency. The need for integrated solutions for construction management, infrastructure management and city-wide collaboration using IoT technologies. To utilize and optimize resource use is increasing as cities work to reduce their negative environmental impacts, promoting their infrastructure’s resilience strengthens and meet the changing needs of their citizens.
Growing Awareness of Smart Architecture to Aid in Asia Pacific’s Dominance
Asia-Pacific is dominating in the market and is likely to continue to do so during the forecast period as well. The importance of these technologies in smart cities from the region’s growing awareness of the need for smart architecture and spatial solutions in densely populated areas. China, South Korea, Japan, Singapore and India are among the fastest growing countries where they invest heavily in Internet of Things solutions manufacturers.
North America is expected to see outstanding growth. The increase in this segment was driven by increased government policies and funding for smart city projects in the US. and Canada, Latin America market shares continue to grow during the forecast period. The first cities in Brazil and Colombia to implement smart lighting technology were São Paulo and Claro in 2017. However, lack of infrastructure in the region prevents the rapid implementation of smart solutions.
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Drivers
- Increase in Smart City Efforts ly
- Growing Use of Smart and Connected Technologies in Smart City Projects
Restraints
- IoT in Smart Cities Requires Significant Upfront Investments
- Concerns about Security and Privacy
Prominent Players in Internet of Things (IoT) in Smart Cities Market
- Huawei (China)
- Microsoft (US)
- Tech Mahindra (India)
- Siemens (Germany)
- Honeywell (US)
- Bosch (Germany)
- PTC (US)
- Schneider Electric (France)
- ARM (England)
- Quantela (US)
- Hitachi (Japan)
- Sierra Wireless (Canada)
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Key Questions Answered in Internet of Things (IoT) in Smart Cities Market Report
- What is the current market size of Internet of Things (IoT) in Smart Cities Market size?
- Which is the fastest growing region in the Internet of Things (IoT) in Smart Cities Market?
- Which region has the biggest share in the Internet of Things (IoT) in Smart Cities Market ?
This report provides the following insights:
- Analysis of key drivers (increase in smart city efforts ly, growing use of smart and connected technologies in smart city projects), restraints (IoT in smart cities requires significant upfront investments, concerns about security and privacy), opportunities (evolving IoT technology and urban transformation), influencing the growth of Internet of Things (IoT) in Smart Cities Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Internet of Things (IoT) in Smart Cities Market .
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Internet of Things (IoT) in Smart Cities Market .
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Internet Of Things (IoT) Market
IoT Sensors Market
IOT Security Market
IOT In Healthcare Market
Industrial Internet Of Things (IIoT) Market
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