According to the report by Expert Market Research (EMR), the global IoT in smart cities market reached a value of nearly USD 182.47 billion in 2023. Aided by the increasing need for effective resource management and rapid urbanisation of cities, the market is projected to grow at a CAGR of 18.40% between 2024 and 2032 to reach a value of around USD 834.35 billion by 2032.
The Internet of things (IoT) plays a crucial role in the development of smart cities, providing a network of interconnected devices that collect and exchange data to improve city operations. This technology enables real-time monitoring and management of various urban services, including traffic control, waste management, water distribution, and environmental monitoring. As cities worldwide strive to become more sustainable and efficient, the adoption of IoT solutions is rapidly increasing.
One of the key drivers of the IoT in smart cities market is the growing need for advanced infrastructure to support the increasing urban population. With the majority of the global population expected to reside in urban areas by 2050, city governments are focusing on leveraging IoT technology to enhance the quality of life for residents and ensure sustainable urban development.
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Furthermore, the integration of IoT with other emerging technologies such as artificial intelligence (AI), big data analytics, and cloud computing is expanding the capabilities of smart city solutions. These integrations enable more sophisticated data analysis and decision-making, leading to improved city planning and management.
The deployment of 5G networks is also expected to boost the IoT in smart cities market expansion. The faster data transmission and lower latency offered by 5G are essential for the real-time operation of IoT devices, facilitating more efficient and reliable smart city services.
Cities are increasingly adopting IoT solutions to address environmental challenges and promote sustainable practices. IoT-enabled sensors are being used to monitor air and water quality, manage energy consumption, and reduce carbon emissions.
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The integration of IoT in transportation systems is improving traffic management, reducing congestion, and enhancing public safety. Smart traffic lights, connected vehicles, and intelligent parking solutions are some examples of how IoT is transforming urban mobility.
IoT is playing a crucial role in the development of smart grids, which are essential for efficient energy distribution and consumption. Smart meters and grid automation are helping cities optimise energy use and integrate renewable energy sources. This is expected to drive the IoT in smart cities market expansion.
The use of IoT in building management systems is leading to the creation of smart buildings that are more energy-efficient and comfortable for occupants. IoT devices are being used to control lighting, heating, ventilation, and air conditioning systems in real time.
IoT is enhancing public safety through the deployment of smart surveillance systems, emergency response solutions, and disaster management technologies. These systems provide real-time data and analytics to help cities respond quickly to emergencies and threats. This is expected to result in significant IoT in smart cities market development.
Smart city initiatives are increasingly focusing on improving citizen engagement and providing personalised services. IoT-enabled kiosks, mobile apps, and digital platforms are being used to deliver information, services, and interactive experiences to residents and visitors.
The vast amount of data generated by IoT devices is enabling city authorities to make informed decisions based on real-time insights. Big data analytics and AI are being used to analyse this data for urban planning, resource allocation, and policy formulation. This is expected to drive the IoT in smart cities market growth.
North America currently dominates the global IoT in smart cities market share, attributed to the early adoption of advanced technologies and the presence of well-established infrastructure. The United States is a major contributor to the region’s market growth, with numerous smart city projects underway.
The Asia Pacific is expected to witness the fastest growth during the forecast period, driven by the rapid urbanisation in countries such as China and India. The increasing government initiatives to promote smart city development in these countries are further fuelling the market growth.
Europe is also a significant market for IoT in smart cities, with several European cities leading in the implementation of smart city solutions. The European Union’s focus on sustainable development and the adoption of green technologies are contributing to the market growth in the region.
Market Segmentation
The market can be divided based on component, deployment model, application, and region.
Market Breakup by Component
- Solution
- Services
Market Breakup by Deployment Model
- On-Premises
- Cloud
Market Breakup by Application
- Smart Healthcare
- Smart Infrastructure
- Smart Energy
- Smart Transportation Public Safety
- Smart Building
- Environmental Monitoring
- Smart Governance
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global IoT in smart cities market. Some of the major players explored in the report by Expert Market Research are as follows:
- Cisco Systems Inc.
- Huawei Technologies Co., Ltd.
- Nokia Corporation
- Microsoft Corporation
- ScienceSoft USA Corporation
- Avnet, Inc.
- Thales Group
- Intel Corporation
- Others
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