The global IoT in smart cities market size is expected to reach USD 555.72 billion by 2030 according to a new study by Polaris Market Research. The report “IoT in Smart Cities Market Share, Size, Trends, Industry Analysis Report, By Offering; By Application (Smart Transportation, Smart Building, Smart Utilities, Smart Citizen Services); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The emergence of the Internet of Things, coupled with the growing penetration of smart and connected technologies, is the major driving factor for industry growth around the world. In addition, the introduction of PPP models and the increasing number of initiatives by regulatory bodies for the development of intelligent cities is also fostering the industry demand. Moreover, the rising penetration of the IoT in intelligent cities helps residents to access proper sanitation, clean air, and water facilities, increases the quality of life for citizens, and also aids in reducing the consumption of resources, thus augmenting the industry demand in the forthcoming years.
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Based on the application, the smart citizen service segment is dominating the global market and is anticipated to lead the market over the forecasting period. IoT is reshaping citizen services and presents wide scope in the applications such as education, healthcare, and public safety. These solutions and services lead to the rapid transformation and growth of the organizations. The penetration of the printers, projectors, and Interactive White Boards (IWBs) in the education industry, coupled with the adoption of connected medical devices and smartphones in the healthcare sector, is stimulating the segment growth.
Accordingly, various regulatory bodies are more inclined towards the adoption of IoT to boost the safety of their citizens and reduce crime rates and illegal activities. Therefore, these factors lead the segment growth. Whereas the transportation segment is exhibiting the highest CAGR in the global industry owing to the emergence of IoT in transport facilities providing higher safety, parking management, better traffic management, and enhanced driving experience.
Various regions are emphasized boosting their transportation infrastructure, as this vertical exhibits a direct impact on the nations’ GDP; thereby, transportation-associated applications and software are gaining huge traction among target consumers. The growing penetration of connected and intelligent technologies in intelligent cities is one of the chief driving factors for the global market growth around the world. The environment of intelligent cities includes numerous technologies such as IoT, data communications, AI, mobility, and the cloud.
Accordingly, the rising adoption of these emerging technologies has facilitated improved connectivity, which results in the smart cities' ecosystem remodeling. Thereby, the developments of NB-IoT and 5G technologies are anticipated to propel the market growth as these advancements in 5G, and IoT presents become better intelligent and self-governing solutions. For instance, a Mexican city is adopted AT&T Control Center- an IoT platform for competently managing connected devices in real-time. Hence, rising benefits such as security, privacy, and environmental sustainability of deploying advanced technologies are stimulating the market in the approaching years.
Market participants such as Schneider Electric, Intel, Cisco, Deutsche Telekom, Hitachi, Honeywell, Huawei, IBM, ARM, Microsoft, SAP, Siemens, Tech Mahindra, Bosch, and Verizon are some of the key players operating in the global market. For instance, in September 2021, Tatweer Misr partnered with HUAWEI Technologies to offer sustainable technological software solutions in the latter' projects. The company declares plans to introduce its fully connected cities to build a fully connected intelligent world.
Polaris Market Research has segmented the IoT in smart cities market report on the basis of offering, application, and region:
IoT in Smart Cities, Offering Outlook (Revenue - USD Billion, 2018 - 2030)
IoT in Smart Cities, Application Outlook (Revenue - USD Billion, 2018 - 2030)
IoT in Smart Cities, Regional Outlook (Revenue - USD Billion, 2018 - 2030)