DUBLIN--(BUSINESS WIRE)--The "IoT in Smart Cities Market - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global IoT in Smart Cities Market Size is Projected to Grow from USD 113.1 Billion in 2020 to USD 260.0 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.1% during the Forecast Period.
Increasing number of government initiatives and Public-Private Partnership (PPP) model for smart cities are set to drive the IoT in smart cities market.
The increase in the adoption of cloud and evolution of high-speed network technologies will lead to a broader base of individuals interested in purchasing IoT devices. The rising adoption of connected and smart technologies in smart cities initiatives is also expected to drive the market growth. However, the lack of knowledge among people about IoT and smart cities is one of the factors hindering the market growth.
The objective of the report is to define, describe, and forecast the IoT in smart cities market size based on offering, solutions, services, application, and region.
In a short time, the COVID-19 outbreak has affected markets and customers' behavior and is making a substantial impact on economies and societies. With offices, educational institutions, and manufacturing facilities shutting down for an indefinite period; major sports and events being postponed; and work-from-home and social distancing policies in effect, businesses are increasingly looking for technologies to help them sail through these difficult times. The COVID-19 pandemic is impacting businesses across the globe. Analytics companies are trying to fight this pandemic by keeping their assets online and ensuring the privacy and security of data across networks.
Services: The fastest-growing segment of the IoT in smart cities market, by offering
The IoT in smart cities market, based on offering, covers solutions and services. The services market in the IoT in smart cities is expected to grow, as major players are focused on offering services. The increasing integration of ICT and IoT with different industries is considered as the primary driver influencing the growth of the IoT in smart cities services market. The major factors responsible for the growth of the IoT professional services segment include the rising trend of adopting IoT-based services to reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) and demand for highly customized IoT services in the industrial and transportation sector.
Smart Citizen Services: The largest growing vertical segment of the IoT in smart cities market.
The IoT in smart cities market has been primarily divided into four applications, namely, smart transportation, smart building, smart utilities, and smart citizen services. The smart citizen services are the highest contributing segment among applications as governments are investing in more citizen-centric services. IoT is reshaping the citizen services. It has wide applications in healthcare, education, and public safety. The extensive use of IoT in medical records management, remote monitoring, data analytics, and telemedicine are driving the adoption of solutions in the smart citizen services segment.
APAC: The fastest-growing region in the IoT in smart cities market.
The growing digitalization across the APAC region to deal with a massive amount of data would drive the adoption of IoT in smart cities platform in the region.APAC has successfully facilitated cooperation projects under the low-carbon model town and IoT-based smart cities and has gathered valuable experience in the process, which can be shared among the member economies. Moreover, the increasing number of startups and growing government investments in analytics are expected to drive the adoption of IoT in smart cities in the APAC region.
Market Dynamics
Drivers
- Increasing Number of Government Initiatives and Ppp Models for Smart Cities
- IoT to Bring Improvements to the Communication Infrastructure
- Rising Adoption of Connected and Smart Technologies in Smart Cities Initiatives
Restraints
- Privacy and Security Concerns Over the Use of Iot
- Lack of Advancements in Communication Technology and Poor Operational Efficiency in Developing Economies
Opportunities
- Increase in Smart City Initiatives Worldwide
- Increase in Connected Devices to Drive the Growth of Iot
- Smart Meters
- Smart Appliances
- Emerging 5G Technology to help IoT Adoption, Globally
- Drones for the Enforcement of Compliance
Challenges
- Lack of Knowledge Among People About IoT and Smart Cities
- Huge Initial Investments Required for IoT in Smart Cities
- Disruption in Logistics and Supply Chain
Adjacent/Related Markets
Industry Trends
- Use Cases
- Use Case 1: Cisco: Wi-Fi Paves the Way for IoT Platform to Make the Government more Efficient
- Use Case 2: IBM: Building Citizen-Focused Public Services in Jakarta
- Use Case 3: Nokia: Smart Tampere Initiative for the Digital Technology Implementation
- Use Case 4: Huawei: Build Smart City Network (Inspired by Nervous System) in Rivas-Vaciamadrid, Spain
- Use Case 5: Compology: Startup Working on Municipal Service Management in Boston and Baltimore Cities in the Us
Ecosystem Analysis
- Smart Transportation
- Smart Buildings
- Smart Utilities
- Smart Citizen Services
Companies Mentioned
- 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
For more information about this report visit https://www.researchandmarkets.com/r/z6j2t8
