The Internet of Things (IoT) in smart cities market is projected to grow from USD 79.5 billion in 2018 to USD 219.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.5% from 2018 to 2023.
The major factors driving the growth of the IoT in smart cities market are the increasing number of government initiatives and PPP models for smart cities, improvements in the communication infrastructure that are brought by IoT and rising adoption of connected and smart technologies in smart cities initiatives. However, lack of knowledge among people about IoT and huge initial investments required for the setup are hindering the market growth.
Among solutions, the reporting and analytics segment is expected to grow at the highest rate during the forecast period
The reporting and analytics segment is expected to be the segment with the highest CAGR among solutions during the forecast period, owing to the rising adoption of connected and smart technologies involved in the implementation of IoT in smart cities solutions. These services help in driving the productivity and efficiency of government services, thereby enabling governments to build a time-efficient system and take informed decisions.
The APAC region is expected to grow at the highest CAGR in the IoT in smart cities market during the forecast period
The Asia Pacific (APAC) region is projected to have the highest CAGR among all the regions covered, during the forecast period. This growth is primarily driven by the favorable government initiatives taken in the region to adopt the latest technologies and the increasing focus on efficient government services. There has also been an enormous growth in the number of PPP models for smart cities in the region, leading to increase in smart city projects in the region. Moreover, the rising adoption of connected and smart technologies in the cities is also leading to the growth of the APAC market for IoT in smart cities market.
The major vendors of IoT in smart cities solutions and services include Cisco (US), IBM (US), Intel (US), Huawei (China), Microsoft (US), Tech Mahindra (India), Honeywell (US), Siemens (Germany), Bosch Software Innovations (Germany), PTC (US), Schneider Electric (US), ARM (UK), Quantela (US), Sierra Wireless (Canada), and Hitachi (Japan).
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Market Opportunities in the IoT in Smart Cities Market 4.2 Market By Offering, 2018-2023 4.3 Market By Solution, 2018-2023 4.4 Market By Service, 2018-2023 4.5 Market By Application, 2018-2023 4.6 Market Investment Scenario
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Increasing Number of Government Initiatives and PPP Models for Smart Cities 22.214.171.124 IoT to Bring Improvements to the Communication Infrastructure 126.96.36.199 Rising Adoption of Connected and Smart Technologies in Smart Cities Initiatives 5.2.2 Restraints 188.8.131.52 Privacy and Security Concerns Over the Use of IoT 184.108.40.206 Lack of Advancements in Communication Technology and Poor Operational Efficiency in Developing Economies 5.2.3 Opportunities 220.127.116.11 Increase in Smart City Initiatives Worldwide 18.104.22.168 Increase in Connected Devices to Drive the Growth of IoT 22.214.171.124.1 Smart Meters 126.96.36.199.2 Smart Appliances 188.8.131.52 Emerging 5G Technology to Help IoT Adoption, Globally 5.2.4 Challenges 184.108.40.206 Lack of Knowledge Among People About IoT and Smart Cities 220.127.116.11 Huge Initial Investments Required for IoT in Smart Cities 5.3 Industry Trends 5.3.1 Use Cases 18.104.22.168 Use Case 1: Cisco: Wi-Fi Paves the Way for IoT Platform to Make the Government More Efficient 22.214.171.124 Use Case 2: IBM: Building Citizen-Focused Public Services in Jakarta 126.96.36.199 Use Case 3: Nokia: Smart Tampere Initiative for the Digital Technology Implementation 188.8.131.52 Use Case 4: Huawei: Build Smart City Network (Inspired By Nervous System) in Rivas-Vaciamadrid, Spain 184.108.40.206 Use Case 5: Compology: Startup Working on Municipal Service Management in Boston and Baltimore Cities in the US 5.4 Ecosystem Analysis 5.4.1 Smart Transportation 5.4.2 Smart Buildings 5.4.3 Smart Utilities 5.4.4 Smart Citizen Services
6 IoT in Smart Cities Market, By Offering 6.1 Introduction 6.2 Solutions 6.2.1 Rapid Digitalization to Increase the Demand for IoT Solutions 6.3 Services 6.3.1 Requirement of Highly Customized Solutions and Need to Focus on Core Operations to Drive the Market of Services Segment
7 IoT in Smart Cities Market, By Solution 7.1 Introduction 7.2 Remote Monitoring 7.2.1 Need for Monitoring Diverse Facilities to Increase the Demand for Remote Monitoring Solution 7.3 Real-Time Location System 7.3.1 MEA to Show High Growth for Real-Time Location System 7.4 Network Management 7.4.1 Demand for Network Management Solution to Be High in North America 7.5 Security 7.5.1 Cyber-Attacks on Smart Cities Infrastructure to Raise the Demand for Security Solution 7.6 Data Management 7.6.1 Need to Manage Data From Various Applications to Drive the Market of Data Management 7.7 Reporting and Analytics 7.7.1 Need to Translate Raw Data Into Useful Information Increased the Demand for Reporting and Analytics Solution
8 IoT in Smart Cities Market, By Service 8.1 Introduction 8.2 Professional Services 8.2.1 Consulting 220.127.116.11 Surge in Demand for Highly Customized IoT Services to Increase the Demand for Consulting Services 8.2.2 Deployment and System Integration 18.104.22.168 Need to Integrate With Existing Systems to Increase the Demand for Deployment and System Integration Services 8.2.3 Support and Maintenance 22.214.171.124 24/7 Troubleshooting Assistance, Software Upgrade, and Other Services to Increase the Demand for Support and Maintenance Services 8.3 Managed Services 8.3.1 Increasing Adoption of Outsourced IoT Services to Drive the Managed Services Market
9 IoT in Smart Cities Market, By Application 9.1 Introduction 9.2 Smart Transportation 9.2.1 Rapid Increase in Traffic Congestion to Create A Demand for IoT 9.3 Smart Building 9.3.1 Commercial Buildings to Rapidly Implement IoT Solutions for Optimizing Their Energy Consumption 9.4 Smart Utilities 9.4.1 Increasing Focus on Optimizing Resources With Minimal Downtime and Wastage to Increase the Demand for IoT Solutions 9.5 Smart Citizen Services 9.5.1 Education 126.96.36.199 Increasing Adoption of Mobile Devices and Tablets to Drive IoT Penetration in Education 9.5.2 Healthcare 188.8.131.52 IoT to Be Used Extensively in Medical Records Management, Remote Monitoring, Data Analytics, and Telemedicine 9.5.3 Public Safety 184.108.40.206 High Risk and Threat of Potential Damage From External Attacks and Natural Calamities to Increase the Adoption of IoT in Public Safety
10 IoT in Smart Cities Market, By Region
11 Competitive Landscape 11.1 Overview 11.2 Market Ranking Analysis for the IoT in Smart Cities Market 11.3 Competitive Scenario