The global IOT in smart cities market in 2019 valued USD 90.7 billion globally.It projected to grow at CAGR of 17.1% over the forecast period.
However, Covid19 has affected the business adversely across the globe. Due to covid19 physical assistance has become a major issue as the doctors who are treating other patients are getting infected despite proper care. The Philippines Medical Association has reported the death of 9 doctors from the COVID-19. Similarly, the Italian Doctors Association has reported death of 50 doctors from COVID-19. By looking this numbers we can clearly say that encouraging tele health has become very important..
For more details, visit: Global IoT in Smart Cities Market By Technology (Wi-Fi, Satellite, others), By Solution (Remote Monitoring, Security, Others), By Application (Smart Transportation, Smart Building, others), By Region–Forecast & Opportunities to 2026
Smart city can be defined as an urban area which utilizes various existing technologies, Electronics, IOT, sensors to gain data and this data is further use to manage services, resources and assets in an efficient manner. The data can also be used to improve city’s operation. The data can be collected from citizens, buildings and devices which is then utilized monitor and manage various segments of a city such as traffic and transportation systems, power plants, utilities, water supply networks, waste, crime detection, information systems, libraries, hospitals etc.
Since the Urbanization has been increasing rapidly along with the concept of Smart cities IoT is a very vital technology for building smart city. Governments from multiple countries are initiating various smart cities initiatives to offer technological advancement to their citizens. IOT deployment in smart city projects requires efforts from multiple stakeholders, such as telecom operators, infrastructure providers, service providers, manufacturers, public sectors, and user groups.
On the basis of technology the market is divided into Wi-Fi, cellular network, Satellite and RFI. The cellular network is expected to register growth at highest CAGR during the forecast period. Emergence of 5G network is major driver for this sector. Because of 5G many people are opting of IoT services as huge improvements efficiency of services are expected. Government is also encouraging implements of many devices which is also driving the market.
Based on solution the market is segmented into remote monitoring, real-time location system, network management, security, data management and reporting & analytics. The reporting & analytics segment is projected to grow at a highest CAGR during forecast period. With the help of report & analytics the organization can exploit the data, better understands the interactions, better representation through dashboards & reports and to harness the power of geospatial dimensions. Thus, it is very important solution for data based decisions.
On the basis of application, the smart transportation market is expected to register growth at highest CAGR during the forecast period. The integration of ICT with existing infrastructure of transportation and delivering real-time update about weather, traffic and passenger is smart transportation. IoT has wide application and transportation and its demand among people is also very high. The investment in this sector is increasing and investors are focusing on bringing new technologies. This is major driver of smart transportation.
North America is expected to dominate the market by holding the largest market share. In North America the number of smart city projects are growing and the donations from the U.S. government is also increasing. This region is expected to dominate the IoT in smart cities market from 2020 to 2026.
Key player of this industry are Huawei, Cisco, Tech Mahindra, IBM, PTC, Microsoft, Bosch, Siemens, Honeywell, ARM, Quantela, Hitachi, SAP, Youon.
- What are the expected industry trends over the next three to five years?
- Which of the IOT in smart cities technology is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?