The global IoT in smart cities market size to grow from USD 130.6 billion in 2021 to USD 312.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 19.0 % during the forecast period. Various factors such as exponential rise in urban population actuating smart management, increasing number of government initiatives and PPP models for smart cities, and adoption of connected and smart technologies in smart cities initiative are expected to drive the adoption of IoT in smart cities solutions and services.
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The IoT in smart cities market includes IoT-based software, solutions, and services that are provided in transportation, building, utilities, and citizen services to enhance communication and control between citizens and governments. IoT provides new opportunities for cities by speeding up the communication process for better coordination, seamless operations, and informed decisions via better utilization of the existing and new infrastructure.
The solution segment to hold a larger market size during the forecast period
IoT solutions for smart cities are at the forefront of technologically enabled changes forming a smart city paradigm. IoT in smart cities makes infrastructure safer, reduces the rate of criminal activities, and leads to an equitable society, with citizens desiring to receive better services and officials striving to make utilities economically viable.
IoT in smart cities solutions could be described with the help of seven key parameters, such as location analytics, network security, application security, real-time IoT in smart cities, network bandwidth management, remote monitoring system, and data management.
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Reporting and analytics solution segment to account for higher CAGR during the forecast period
Reporting and analytics tools enable organizations to exploit all dimensions of data, harness the power of geospatial dimensions, and better understand interactions and results in a better representation through dashboards and reports. Reporting and analytics solution is crucial to enable the authorities to make data-based decisions. It leads to a better understanding of key business metrics, turning location data and spatial analytics into valuable information for organizations. Most analytics solutions in the industry help in processing technology for enabling applications to integrate with the streaming data and quickly produce extracted data from multiple sources in real-time. These analytics solutions are capable of fraud detection, Customer Relationship Management (CRM), privacy protection services, and reliable analysis of data-generated IoT devices.
Unique Features in the IoT in Smart Cities Market
Processing massive amounts of data produced by Internet of Things (IoT) devices and deriving useful insights through the use of advanced analytics to improve resource allocation, decision-making, and city management.
In order to facilitate smooth cooperation between the many components of the smart city ecosystem, linked systems are created where Internet of Things devices can exchange data and communicate with each other.
City officials can react quickly to events, emergencies, and changing conditions thanks to IoT-enabled real-time monitoring and control capabilities, which improve situational awareness overall.
Predictive maintenance is being applied to metropolitan infrastructure, utilising Internet of Things sensors to track equipment health and take proactive measures to fix problems before they cause breakdowns or interruptions.
Creation of platforms for citizen involvement that make use of IoT data to give locals access to interactive services, real-time information, and chances to get involved in city planning and governance.
Major Highlights of the IoT in Smart Cities Market
Investing more in smart infrastructure can improve overall urban functionality. Examples of smart infrastructure include utility grids, parking solutions, trash management systems, and Internet of Things-enabled streetlights.
Extensive use of data analytics to extract valuable insights from the massive amounts of data produced by Internet of Things devices, supporting resource optimisation, urban planning, and decision-making.
The development of IoT solutions with a citizen emphasis, which encourage community involvement by enabling residents to provide input, participate in local governance, and access real-time information.
The implementation of 5G networks and the integration of IoT in smart cities complement each other by offering the fast, low-latency connectivity needed for smooth communication between systems and devices.
Constant advancements in Internet of Things (IoT)-driven urban mobility solutions, such as autonomous driving, linked cars, and intelligent traffic control, to improve productivity and lessen gridlock.
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Top Key Companies in the IoT in Smart Cities Market
Some of the key players operating in the IoT Smart cities market include. IBM (US), Cisco (US), Intel (US), Huawei (China), Microsoft (US), Tech Mahindra (India), Siemens (Germany), Honeywell (US), Bosch (Germany), PTC (US), Schneider Electric (France), ARM (England), Quantela (US), Hitachi (Japan), Sierra Wireless (Canada), Youon (China), SAP (Germany), Deutsche Telekom (Germany), Confidex (Finland), Verizon (US), AGT International (Switzerland), Takadu (Israel), Optibus (Israel), Enevo (US), Signify (Netherlands), FlamencoTech (India), AppyWay (UK). These IoT in smart cities platforms vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global IoT in smart cities market.
Cisco was founded in year 1984 and is headquartered in San Jose, California, US. Cisco is one of the market leaders in offering products, solutions, and services to smart cities across the globe. The company offers various products in the IoT in smart cities market. Its products are subdivided into various sections, including smart energy that comprises Cisco Energy Optimization Services, Cisco Connected Grids, Cisco Smart Grid Security Solutions, and the Connected Grid Design Suite (CGDS). Cisco recently launched a security product called Cyber Vision to help protect clients’ industrial IoT developments, and the company’s IoT Control Center platform also supported cellular data and network connectivity. Butaney asserted that connectivity and security were increasingly critical across all of Cisco’s projects, as they drive the usability and consumer interest necessary for success.
IBM was founded in the year 1911 and is headquartered in Armonk, US. IBM is one of the leading providers of a broad range of hardware, software, and related services. It provides various smart energy and smart water solutions, including IBM Intelligent Utility Network, IBM Intelligent Water, IBM Enterprise Asset Management (Energy and Water Utilities), IBM Water Management Center, Customer Operations Transformation, Smart Metering, and Energy Optimization and IBM Intelligent Transportation to collect data and create actionable intelligence. The company offers smart city platforms, such as IBM Smarter City Solutions, that draw insights through more than 2,000 smarter city engagements globally. The solution enables the enhancement of the quality of services provided to citizens and businesses while also improving the efficacy of city operations. IBM recently launched Maximo Mobile, an easy-to-deploy mobile platform with IBM’s leading Maximo asset management solution at the core. Maximo Mobile was designed to transform the work of field technicians who maintain physical assets such as roads, bridges, production lines, power plants, and refineries. A new, intuitive interface would provide technicians with the right asset operational data at the right time.
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