IoT in Smart Cities Market
An in-depth analysis of the IoT in smart cities market segmentation assists in determining the prevailing IoT in smart cities market opportunity.
PORTLAND, PORTLAND, OR, UNITED STATES, October 31, 2023 /EINPresswire.com/ — According to the report, the global IoT in the 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.
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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.
Over the last decade, the global IoT in smart cities market has experienced substantial expansion. This growth can be attributed to the increased adoption of connected and smart technologies, rising government support for smart city initiatives, and a focus on sustainability and resource efficiency. Nevertheless, the significant upfront costs associated with implementing IoT systems serve as a notable impediment to market growth. Additionally, the growing integration of 5G technology and a stronger emphasis on citizen engagement and collaborative innovation hold the promise of creating attractive opportunities in the years to come.
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.
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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 report analyzes the profiles of key players operating in the IoT in smart cities market such as Cisco Systems Inc., Siemens, Huawei Technologies Co., Ltd., Innowise Group, GE Digital, SAP SE, Altoros, Bosch Limited, PTC, and Andersen Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT in smart cities industry.
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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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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