Global IoT in Smart Cities Market Report and Forecast 2024-2032

Global IoT in Smart Cities Market Outlook

The global IoT in smart cities market size reached a value of approximately USD 182.47 billion in 2023. The market is expected to grow at a CAGR of 18.40% between 2024 and 2032, reaching a value of USD 834.35 billion by 2032.

Key Trends in the Market

The Internet of Things (IoT) is a term that describes a network of objects that are connected into a through various sensors and software for centralised management and operations. IoT in smart cities refers to the use of IoT technology and devices in smart city applications, such as infrastructure, healthcare, energy, transportation, governance, and environmental monitoring.

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• The rising number of projects for smart cities around the world is one of the key factors influencing the growth of the global IoT in smart cities market. Incorporating IoT into smart city projects can enhance capabilities significantly while easing management.

• During the forecast period, the growing inclination to use machine learning, artificial intelligence, and big data to improve people's lifestyles is anticipated to boost the growth of the global IoT in smart cities market.

• Increasing urban populations are expected to be a key trend in the market for IoT in smart cities. As more people move to urban areas, there is greater importance on upgrading city facilities which can be done through the incorporation of IoT.

Market Analysis

Based on component, the market is segmented into solution and services. Solution is further sub-divided by solution type into location analytics, security management, real-time streaming analytics, remote monitoring system, data management solutions, and reporting and analytics. On the basis of deployment model, the IoT in smart cities market is bifurcated into on-premises and cloud.

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By application, the market is categorised into smart healthcare, smart infrastructure, smart energy, smart transportation public safety, smart building, environmental monitoring, and smart governance, among others. The regional markets for IoT in smart cities are divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT in smart cities market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Cisco Systems Inc.

• Huawei Technologies Co., Ltd.

• Nokia Corporation

• Microsoft Corporation

• ScienceSoft USA Corporation

• Avnet, Inc. 

• Thales Group

• Intel Corporation

• Others

Market Share by Component

The solution segment accounts for a significant share of the IoT in smart cities market by component due to the wide range of affordable and user-friendly solutions available. Depending upon the priority needs and preferences of buyers, specific solutions can be incorporated, ranging from location analytics and remote monitoring to data management and security management. Reporting and analytics solutions is commonly used as it provides data-based analysis that can be used to make date-based decisions. Meanwhile, the services segment, by component, is expected to witness steady growth in the coming years, fuelled by the preference of end users to fully outsource IoT applications.

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Market Share by Region

North America accounted for a sizable share of the global IoT in smart cities market and is expected to continue to do so in the forecast period. Due to the presence of stable and established economies and high levels of technology penetration, the region is more likely to adopt IoT-based products and services. Several new smart cities are under planning and development in countries such as the United States and Canada, while selected cities have been identified for upgrades to a smart format by incorporating new technologies. The rising demand for IoT in new and existing cities is expected to bolster the market in North America in the coming years.

Competitive Landscape

Cisco Systems Inc. is a multinational corporation that specialises in networking hardware, software, telecommunications gear, and other high-tech services and products. Founded in 1984 with headquarters in California, United States, this company creates, produces, and sells networking equipment and services based on Internet Protocol.

Huawei Technologies Co., Ltd., headquartered in Shenzhen, China, and established in 1987, offers telecommunications and networking products. The company develops servers, security, storage, and other networking solutions in addition to internet access and transmission networks. Additional services of Huawei Technologies include business consultancy, network integration, managed services, and international delivery.

Nokia Corporation, founded in 1865, is a communications and information technology company based in Espoo, Finland. The company specialises in network infrastructure and cutting-edge technologies, offering services for 5G, IoT, IP routing, fixed networks, subscriber data management, mobile phones, Wi-Fi systems, and network construction and modernization.

Other market players include Microsoft Corporation, ScienceSoft USA Corporation, Avnet, Inc., Thales Group, and Intel Corporation, among others.

Key Highlights of the Report