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Increasing number of government initiatives and PPP models for smart cities is expected to drive the overall growth of the IoT in smart cities market across the globe
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.
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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.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the IoT in smart cities market.
- By Company Type: Tier 1 – 55%, Tier 2 – 20%, and Tier 3 – 25%
- By Designation: C-level – 45%, Directors – 30%, and Others – 25%
- By Region: North America – 30%, Europe – 35%, Asia Pacific – 20%, and RoW – 15%
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). The study included an in-depth competitive analysis of these key players with their company profiles, recent developments, and key growth strategies adopted by them.
- The market study covers the IoT in smart cities market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on offerings (solutions and services), applications, and region. In addition, the study also includes key use cases, industry trends, key influencing factors such as drivers, restraints, opportunities, and challenges.
- Furthermore, the study also highlights the competitive landscape and in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall IoT in smart cities market and its segments.
- This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies.
- The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.