The global IoT in Smart Cities Market size is expected 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. The major driving factors in the IoT in smart cities market are the increasing number of government initiatives and Public-Private Partnership (PPP) models for smart cities.
Increasing focus on traffic management and parking management would drive the adoption of IoT in smart cities solutions and services across smart transportation application during the forecast period
Smart transportation is all about integrating ICT with the existing transportation infrastructure, delivering real-time online information about the traffic flow and passengers/commuters. IoT emerges as the game-changer in the transportation domain as it has wide applications. The IoT in smart cities market is still in the introductory stage and can be defined as interconnected devices that the transportation and IoT solutions providers use to get more visibility into transportation and the associated other components, such as traffic management and parking management. In the coming years, the demand for IoT in smart transportation is expected to increase due to the increased investments for enhancing transportation infrastructures.
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Rising need to monitor diverse facilities would increase the demand for remote monitoring solutions during the forecast period
The IoT in smart cities market covers solutions such as remote monitoring, real-time location system, network management, security, data management, and reporting and analytics. The remote monitoring solution is a reliable facility that enables efficient monitoring and management of various systems, remotely. Through this solution, one can change the operation of the devices from the central office or remote location. Moreover, remote monitoring is not a new concept for industrial automation, and the world has been using this technology from over 25 years through hardwired ethernet connections.
The major IoT in smart cities vendors includes IBM (US), Cisco (US), Intel (US), Huawei (China), Microsoft (US), Tech Mahindra (India), Siemens (Germany), 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), Telensa (UK), and FlamencoTech (India). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global IoT in smart cities market. Partnerships and new product launches have been the most dominating strategy adopted by the major players from 2017 to 2020, which has helped them innovate on their offerings and broaden their customer base.
IBM (US) is one of the leading companies that provides distinguished ICT solutions to enterprises of different sizes, ranging from SMEs to large enterprises. The company is known to invest significant amounts of its revenue in R&D. For instance, in 2017, it invested 7.3% of its revenue in R&D to develop innovative products and solutions that strengthen its global competitiveness and also help explore new fields where the company can use its advanced ICT solutions. IBM focuses on forming industry alliances with the leading vendors in the smart cities market for attaining an overall sustainable development. Its big data and analytics technologies help clients exploit huge volumes of data generated from network elements and internet devices. In the smart cities market, the company adopts strategies, such as partnerships, business expansions, and new product launches, to gain a competitive edge in the market.
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Cisco (US) is one of the leading providers of IoT solutions. The company offers a wide range of IoT solutions for smart cities. It has major stakes in various smart city projects, globally. Moreover, the company provides specifically designed smart and connected solutions portfolio to various smart cities projects. The company believes in offering innovative solutions to its clients. Thus it has invested huge parts of its revenue in R&D activities. For instance, in 2017, the company’s total R&D spending accounted for USD 6.10 billion. This spending on R&D has inevitably helped Cisco Systems remain a distinguished player in the smart solutions domain. The advancement in IoT technologies, cloud-based platforms, and services are marked with the increasing number of Machine-to-Machine (M2M) applications and has led to significant investments in smart cities projects. Some of the fastest-growing markets in the world are in the APAC region. In this region, various smart cities greenfield projects have been going on. Therefore, Cisco has taken a strategic move in this region by investing billions of dollars of revenue and has experienced bigger growth as a result of improved efficiency, reduced manufacturing costs, and favorable price mix. Moreover, the company has developed the National Engagement strategy to help governments in the digitization process. The company also focuses on inorganic growth strategies, such as partnerships, collaborations, and agreements with technology market leaders. For instance, Cisco Systems signed an agreement with the Indonesian government for its global CDA program. This program would focus on digital governments, digital industries, digital state-owned enterprises, and cybersecurity and digital inclusions.
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