IoT in Smart Cities Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033

The iot in smart cities market size has grown exponentially in recent years. It will grow from $191.76 billion in 2023 to $230.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to infrastructure modernization, sustainability goals, public safety concerns, efficient traffic management, demand for energy efficiency, citizen engagement.

The iot in smart cities market size is expected to see exponential growth in the next few years. It will grow to $490.01 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to enhanced security measures, robust data privacy regulations, circular economy initiatives, global connectivity and interoperability, health and wellness solutions. Major trends in the forecast period include integration with 5g networks, advanced urban mobility solutions, smart grids for efficient energy management, ai and machine learning applications, public-private partnerships.

Market Overview -
The Internet of Things (IoT) in smart cities refers to a network of physical devices, vehicles, buildings, and other objects that are embedded with sensors, software, and network connectivity, which enables them to collect and exchange data, within the region of a smart city. It is used to connect various components of the urban infrastructure and create a seamless, efficient, and smart sustainable environment.

Download Free Sample of Report -

https://www.thebusinessresearchcompany.com/sample.aspx?id=10337&type=smp

Rising Adoption Of 5G Technology To Drive Market Growth
The growing implementation of 5G technology is expected to propel the growth of the IoT in the smart cities market going forward. The 5G technology is the fifth generation of cellular technology used for making wireless services faster, less abrupt, and more flexible. 5G technology will act as a key propeller of IoT in smart cities, offering a platform to link an enormous range of sensors and actuators with strict energy efficiency and data transmission. Thus, the growing implementation of 5G technology will propel the growth of the IoT in the smart cities market. For instance, in March 2023, according to the 5G subscribers' data published by Mobile Suppliers Association, a UK-based, non-profit organization associated with the mobile communication industry, 1.15 billion 5G subscribers were recorded as of December 2022, up from 619 million as the same time in December 2021, representing 85.9% year on year growth. Therefore, the growing implementation of 5G technology will drive the development of the IoT in the smart cities market.

Competitive Landscape -
Major companies operating in the iot in smart cities market report are Cisco Systems Inc., Intel Corporation, The International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., Tech Mahindra Limited, Microsoft Corporation, Honeywell International Inc., Bosch Global Software Technologies Private Limited, Siemens Incorporation, PTC Inc., ARM Inc., Schneider Electric SE, Deutsche Telekom AG, Hitachi Ltd., SAP SE, Dell Technologies Inc., Samsung SDS Co. Ltd., Hewlett Packard Enterprise Company LP, Toshiba Corporation, Panasonic Corporation, Sony Corporation, LG Electronics Inc., Philips Lighting Holding B.V., Osram Licht AG, Cree Inc., Acuity Brands Inc., General Electric Company, Verizon Communications Inc., AT&T Inc., Johnson Controls International plc

Technological Advancements Driving Innovation In IOT In Smart Cities Market
Major companies operating in the IoT in smart cities market are developing new business platforms for digital transformation to gain a competitive edge in the market. Digital transformation refers to the process of leveraging digital technologies to fundamentally change and enhance various aspects of business operations, strategies, and customer experiences. For instance, in July 2022, Siemens AG, a Germany-based automation company, launched Siemens Xcelerator, an open digital business platform designed to accelerate digital transformation across industries, including buildings, grids, mobility, and more. The platform simplifies digital transformation, making it faster and scalable, featuring a curated portfolio of IoT-enabled hardware, software, and digital services from Siemens and certified third parties. Siemens Xcelerator includes a growing partner ecosystem and an evolving marketplace to facilitate interactions and transactions. As part of Siemens Xcelerator, the company announced Building X, a smart building suite that creates a single source of truth for digitalization, supporting customers in achieving net-zero goals. Building X is a modular, fully cloud-based open software suite with AI-enabled applications, strong connectivity, and built-in cybersecurity. Siemens also plans to integrate its industrial IoT solutions under Industrial Operations X, offering solutions from sensor to edge to cloud, IoT as-a-service, and low code development capabilities.

Browse Full Report @

https://www.thebusinessresearchcompany.com/report/iot-in-smart-cities-global-market-report

Key Segments -

The iot in smart cities market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Technology: Bluetooth, Cellular Network, RFID, Other Technologies
3) By Application: Smart Building, Smart Healthcare, Smart Energy, Smart Transportation, Public Safety, Smart Infrastructure, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.