CHICAGO, Feb. 5, 2019 /PRNewswire/ -- According to a new market research report "IoT in Smart Cities Market by Solution (Remote Monitoring, Network Management, Analytics, RTLS, Security), Service, Application (Smart Transportation, Buildings, Utilities, Healthcare and Public Safety), and Region - Global Forecast to 2023", published by MarketsandMarkets™, 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 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.
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Based on solutions, the remote monitoring segment is expected to be the fastest growing segment in the IoT in Smart Cities Market during the forecast period
The remote monitoring segment is expected to lead the market 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.
Among applications, the smart citizen services segment is projected to lead the IoT in Smart Cities Market during the forecast period.
The smart citizen services application is projected to have the highest market size as compared to the other segments in the market during the forecast period. The growth of this segment can be attributed to improvements in the communication infrastructure brought on by IoT. The emergence of 5G services will also help increase the adoption rate of IoT services and solutions as there will be drastic improvement in the efficiency of the services. Governments will be encouraged to implement smart devices such smart meters and smart appliances to provide efficient services to the citizen.
The North American region is expected to lead the IoT in Smart Cities Market in 2018.
The North American IoT in Smart Cities Market is projected to lead the market size in 2018, compared to the other regions during the forecast period. This growth is primarily driven by the increasing number of government initiatives and PPP models for smart cities. Moreover, the rising adoption of connected and smart technologies in smart city initiatives in the region is also leading to the growth of the North American IoT in Smart Cities Market. The presence of some of the key players of the market in the region is also expected to drive the growth of the market in the North American region.
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Key players in IoT in Smart Cities Market such as Cisco (US), IBM (US), Intel (US), PTC (US), Schneider Electric (US), Honeywell (US), Quantela (US), and Sierra Wireless (Canada), along with several startups are offering enhanced IoT in smart city solutions and services to cater the requirements of their customers.
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