Global IoT in smart cities market expected to reach approximately USD 330.1 billion by 2025, at a CAGR of slightly above 22.6% between 2019 and 2025. In smart cities, IoT provides the perfect platform for uninterrupted communication of data that is generated from smart electronic devices.
Sarasota, FL -- (SBWIRE) -- 04/05/2019 -- Zion Market Research has published a new report titled "IoT in Smart Cities Market by Component (Solution and Service), by Application (Lighting, Traffic, Utilities, Public Safety, Environmental Monitoring, and Others), and by End-User (Information and Technology, Telecommunication, Government, Automation, Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025''. According to the report, the global IoT in smart cities market was valued at around USD 79.3 billion in 2018 and is expected to reach approximately USD 330.1 billion by 2025, at a CAGR of slightly above 22.6% between 2019 and 2025.
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The worldwide development of smart cities is trending majorly. Smart cities are formed by the integration of advanced technologies, such as geospatial technology, blockchain, Internet of Things (IoT), and artificial intelligence, among others. Internet of Things (IoT) holds prime importance as compared to other IT technologies. In smart cities, IoT provides the perfect platform for uninterrupted communication of data that is generated from smart electronic devices.
According to a study, by 2050, more than 70% of the global population is anticipated to live in cities. This instantaneous urge of urbanization is constraining the existing infrastructure and has resulted in the rapid development of smart cities. To cope up with the rapidly emerging demand for smart cities, the worldwide adoption of IoT solutions is trending for communication enhancement, cost reduction, and advancement of services. Moreover, the rising number of smart connected devices is expected to create new growth opportunities for the IoT in smart cities market in the upcoming years. The worldwide smart city spending accounted for nearly USD 14.85 billion in 2015. However, the security and privacy issues related to IoT may hinder the IoT in smart cities market growth globally. IoT solutions are highly preferred for accurate communication and management of data generated from connected devices in smart cities.
The global IoT in smart cities market is segmented on the basis of component, application, and end-user. The component segment is majorly classified into solution and services. The solution segment includes security, remote monitoring, analytics, network management, and RTLS. By application, the market is classified into lighting, traffic, utilities, public safety, environmental monitoring, and others. Public safety is expected to grow remarkably over the forecast timeframe. By end-user, the market includes information and technology, telecommunication, government, automation, energy, and others. The information and technology segment is projected to dominate the market in the future.
By region, North America is anticipated to dominate the global IoT in smart cities market in the future, owing to the significant presence of leading market players, strict government regulations, various technological advancements, and huge investments made for technological adoption. The European IoT in smart cities market is mainly driven by the early adoption of innovative technologies. The European Union is taking substantial initiatives in smart city development for improvisation of urban lifestyle, which has concurrently escalated the market demand for IoT solutions.
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Some renowned key players of the global IoT in smart cities market are IBM, Intel, Cisco, Huawei, Hitachi, Quantela, Microsoft, Bosch Software Innovations, Schneider Electric, Tech Mahindra, Sierra Wireless, Siemens, Honeywell, Bosch Software Innovations, ARM, and PTC, among others.
This report segments the global IoT in smart cities market into:
IoT in Smart Cities Market: Component Analysis
IoT in Smart Cities Market: Application Analysis
IoT in Smart Cities Market: End-User Analysis
Information and Technology
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IoT in Smart Cities Market: Regional Analysis
The Middle East and Africa