IoT In Smart Cities Market size worth $ 735 Billion, Globally, by 2030 at 23.04% CAGR: Verified Market Research®
Various factors such as an increase in adoption of IoT technology for infrastructure management and city monitoring and exponential rise in urban population are expected to drive the adoption of IoT in smart cities solutions and services.
JERSEY CITY, N.J., Aug. 8, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "IoT In Smart Cities Market" By Offering (Solution, Services), By Application (Smart Transportation, Smart Building), and By Geography. According to Verified Market Research, the IoT In Smart Cities Market size was valued at USD 112 Billion in 2021 and is projected to reach USD 735 Billion by 2030, growing at a CAGR of 23.04% from 2022 to 2030.
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Global IoT In Smart Cities Market Overview
Globally the demand for IoT services has accumulated at a speedy rate within the past few years. The introduction of the latest technologies supported by IoT platforms and the rising integration of IoT services have boosted the demand in this market. Moreover, rising government programs for smart cities are taken into account as a key sector for the expansion of this market.
The introduction of advanced technologies and their inclusion in most sectors have been big at a big rate within the past few years. Customers today like the victimization of advanced technologies, that are acting as a vital growth driver in this market. Governments in each developed and developing region are currently taking bear in mind to build smart cities, therefore, growing the demand considerably during this market. Moreover, the implementation of IoT services helps in providing higher and advanced security solutions and monitoring assets from a remote location with no physical presence. Considering the above-named factors, there are remunerative growth opportunities in this market which will accelerate the market's growth within the coming years.
The major players in themarket are Cisco, Intel, IBM, Huawei, Tech Mahindra, Microsoft, Honeywell, Bosch Software Innovations, Siemens, PTC, ARM, Schneider Electric, and Quantela.
Verified Market Research has segmented the Global IoT In Smart Cities Market On the basis of Offering, Application, and Geography.
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