IoT in Smart Cities Market Forecast 2024-2033

Overview and Scope
The Internet of Things (IoT) in smart cities refers to a network of physical devices, vehicles, buildings, and other objects that are embedded with sensors, software, and network connectivity, which enables them to collect and exchange data, within the region of a smart city. It is used to connect various components of the urban infrastructure and create a seamless, efficient, and smart sustainable environment.

Sizing and Forecast
The iot in smart cities market size has grown exponentially in recent years. It will grow from $191.76 billion in 2023 to $230.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to infrastructure modernization, sustainability goals, public safety concerns, efficient traffic management, demand for energy efficiency, citizen engagement.

The iot in smart cities market size is expected to see exponential growth in the next few years. It will grow to $490.01 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to enhanced security measures, robust data privacy regulations, circular economy initiatives, global connectivity and interoperability, health and wellness solutions. Major trends in the forecast period include integration with 5g networks, advanced urban mobility solutions, smart grids for efficient energy management, ai and machine learning applications, public-private partnerships.

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Segmentation & Regional Insights
The iot in smart cities market covered in this report is segmented –

1) By Component: Solutions, Services
2) By Technology: Bluetooth, Cellular Network, RFID, Other Technologies
3) By Application: Smart Building, Smart Healthcare, Smart Energy, Smart Transportation, Public Safety, Smart Infrastructure, Other Applications

Asia-Pacific was the largest region in the IoT in smart cities market in 2023. The regions covered in the iot in smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The growing implementation of 5G technology is expected to propel the growth of the IoT in the smart cities market going forward. The 5G technology is the fifth generation of cellular technology used for making wireless services faster, less abrupt, and more flexible. 5G technology will act as a key propeller of IoT in smart cities, offering a platform to link an enormous range of sensors and actuators with strict energy efficiency and data transmission. Thus, the growing implementation of 5G technology will propel the growth of the IoT in the smart cities market. For instance, in March 2023, according to the 5G subscribers’ data published by Mobile Suppliers Association, a UK-based, non-profit organization associated with the mobile communication industry, 1.15 billion 5G subscribers were recorded as of December 2022, up from 619 million as the same time in December 2021, representing 85.9% year on year growth. Therefore, the growing implementation of 5G technology will drive the development of the IoT in the smart cities market.

Key Industry Players

Major companies operating in the IoT in smart cities market report are Cisco Systems Inc., Intel Corporation, The International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., Tech Mahindra Limited, Microsoft Corporation, Honeywell International Inc., Bosch Global Software Technologies Private Limited, Siemens Incorporation, PTC Inc., ARM Inc., Schneider Electric SE, Deutsche Telekom AG, Hitachi Ltd., SAP SE, Dell Technologies Inc., Samsung SDS Co. Ltd., Hewlett Packard Enterprise Company LP, Toshiba Corporation, Panasonic Corporation, Sony Corporation, LG Electronics Inc., Philips Lighting Holding B.V., Osram Licht AG, Cree Inc., Acuity Brands Inc., General Electric Company, Verizon Communications Inc., AT&T Inc., Johnson Controls International plc

The iot in smart cities market report table of contents includes:

1. Executive Summary

2. IoT in Smart Cities Market Characteristics

3. IoT in Smart Cities Market Trends And Strategies

4. IoT in Smart Cities Market – Macro Economic Scenario

5. Global IoT in Smart Cities Market Size and Growth

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31. Global IoT in Smart Cities Market Competitive Benchmarking

32. Global IoT in Smart Cities Market Competitive Dashboard

33. Key Mergers And Acquisitions In The IoT in Smart Cities Market

34. IoT in Smart Cities Market Future Outlook and Potential Analysis

34.1 IoT in Smart Cities Market In 2028 – Countries Offering Most New Opportunities

35. Appendix

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