The global market for Internet of Things (IoT) in Smart Cities was estimated at US$290.7 Billion in 2023 and is projected to reach US$987.9 Billion by 2030, growing at a CAGR of 19.1% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Global Internet of Things (IoT) in Smart Cities Market - Key Trends and Drivers Summarized
How Is the Internet of Things (IoT) Shaping the Future of Smart Cities?
The Internet of Things (IoT) is playing a crucial role in the development of smart cities, enabling urban planners and local governments to optimize city operations, improve sustainability, and enhance the quality of life for citizens. IoT-powered sensors and connected devices are used in smart cities to monitor traffic flow, manage energy usage, reduce pollution, and ensure public safety. These devices provide real-time data that helps authorities make informed decisions, such as adjusting traffic lights to reduce congestion or activating smart lighting systems to conserve energy. IoT solutions are also being deployed to improve public services, such as waste management and water supply, by providing continuous monitoring and predictive maintenance, ensuring more efficient and sustainable use of resources.How Are Technological Advancements Driving IoT Adoption in Smart Cities?
Technological advancements such as 5G connectivity, edge computing, and artificial intelligence (AI) are driving the rapid adoption of IoT in smart cities. The rollout of 5G networks is significantly enhancing the capabilities of IoT by providing ultra-low latency and high-speed communication, allowing real-time data transmission across connected devices. Edge computing is enabling faster processing of data closer to the source, reducing reliance on cloud-based platforms and improving response times in critical urban applications such as traffic management and public safety. AI-powered analytics are being integrated into IoT platforms to analyze data from various sensors and devices, offering predictive insights that help city planners optimize resource allocation and improve urban services.How Do Market Segments Define the Growth of IoT in Smart Cities?
Solutions include hardware such as sensors and connected devices, software platforms for data analysis and management, and services such as integration and maintenance. Key applications of IoT in smart cities include traffic management, smart energy grids, waste management, and public safety, with traffic management and smart energy grids being the largest segments as cities prioritize improving mobility and reducing energy consumption. Geographically, North America and Europe are leading the market, driven by large-scale smart city projects and investments in digital infrastructure, while the Asia-Pacific region is emerging as a growth area due to rapid urbanization and government initiatives to build sustainable, tech-driven cities.What Factors Are Driving the Growth in the IoT in Smart Cities Market?
The growth in the IoT in smart cities market is driven by several factors, including the increasing need for efficient urban management, advancements in 5G and AI technologies, and the growing emphasis on sustainability. As cities face challenges related to population growth, traffic congestion, and environmental sustainability, IoT solutions offer a way to optimize city operations and improve the delivery of public services. Technological innovations in sensors, connectivity, and data analytics are enabling real-time monitoring and predictive maintenance, allowing cities to become more responsive and resilient. Additionally, government investments in smart city initiatives and the rising demand for sustainable, energy-efficient urban solutions are accelerating the adoption of IoT technologies in cities worldwide.Key Insights:
- Market Growth: Understand the significant growth trajectory of the Solutions Component segment, which is expected to reach US$691.8 Billion by 2030 with a CAGR of a 20.3%. The Services Component segment is also set to grow at 16.6% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $80.6 Billion in 2023, and China, forecasted to grow at an impressive 18.0% CAGR to reach $147.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Internet of Things (IoT) in Smart Cities Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Internet of Things (IoT) in Smart Cities Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Internet of Things (IoT) in Smart Cities Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Internet of Things (IoT) in Smart Cities market such as AGT International, ARM, Bosch, Cisco, Confidex and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 37 companies featured in this Internet of Things (IoT) in Smart Cities market report include:
- AGT International
- ARM
- Bosch
- Cisco
- Confidex
- Deutsche Telekom
- Enevo
- Flamencotech
- Hitachi
- Honeywell
- Huawei
- IBM
- Intel
- Microsoft
- Optibus
- PTC
- Quantela
- SAP
- Schneider Electric
- Siemens
- Sierra Wireless
- Takadu
- Tech Mahindra
- Telensa
- Verizon
- Youon
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
REST OF EUROPE
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AGT International
- ARM
- Bosch
- Cisco
- Confidex
- Deutsche Telekom
- Enevo
- Flamencotech
- Hitachi
- Honeywell
- Huawei
- IBM
- Intel
- Microsoft
- Optibus
- PTC
- Quantela
- SAP
- Schneider Electric
- Siemens
- Sierra Wireless
- Takadu
- Tech Mahindra
- Telensa
- Verizon
- Youon
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 93 |
| Published | October 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 290.7 Billion |
| Forecasted Market Value ( USD | $ 987.9 Billion |
| Compound Annual Growth Rate | 19.1% |
| Regions Covered | Global |
