IoT in Smart Cities Market worth $260.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 11, 2020 /PRNewswire/ -- According to the new market research report "IoT in Smart Cities Market by Solution (Remote Monitoring, Network Management, Reporting, and Analytics), Service, Application (Smart Transportation, Smart Building, Smart Utilities, and Smart Citizen Services), and Region - Global Forecast to 2025" published by MarketsandMarkets™, 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. An increasing number of government initiatives and PPP models for smart cities are driving the IoT in Smart Cities Market.
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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.
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 soluton, 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.
North America to dominate the market during the forecast period
North America is expected to dominate the global market from 2020 to 2025, owing to the presence of several solution vendors in the US. Canada has the highest internet penetration rate responsible for the growth of North America. Additionally, the presence of several vendors and favorable support environments has led to the foundation of a robust support ecosystem in the region. The increasing demand for security solutions and the rise in the requirement to safeguard cities and the people from theft would drive the growth of the IoT in Smart Cities Market in this region.
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The major vendors offering IoT in Smart Cities Market solutions and services are IBM (US), Cisco Systems (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), FlamencoTech (India).
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