IoT in Smart Cities Market: Current Analysis and Forecast (2022-2028)

A smart city is a city that uses the information and communication technology (ICT) to bring the development in the cities, making the city fully automated by increasing the operational efficiency. Smart cities includes the sharing of information with the public and improve both the quality of government services and citizen welfare. The main motive of a smart city is to maximise city functions and also encouring the economic growth while also improving the quality of life for citizens by using smart technologies and data analysis. For instance, Witekio (formerly Adeneo Embedded), a privately held company with expertise in software and embedded systems for developing Internet of Things (IoT) solutions, has been acquired by leading global technology distributor Avnet.

The IoT in Smart Cities Market is expected to grow at a strong CAGR of xx% during the forecast period owing to the rising adoption of connected and smart technologies in smart cities initiatives. In addition, the demand for IoT devices for the development of smart cities is being fueled by the growing preference for effective energy management solutions for ensuring appropriate metering and reducing resource waste. IoT technology providers are also being drawn to the development of transportation infrastructure in smart city projects for better control and monitoring facilities, lowering carbon emissions, and competent road optimization and planning. For instance, recently, scientists from Qiqihar University College of Communication and Electronic Engineering, China, set out the benefits of narrowband (NB) IoT for smoke detection.

Based on offerings, the market is bifurcated into solutions and services. According to the data, the solution segment accounts for the majority of revenue. The integration of Internet of Things (IoT) solutions into emerging technologies makes infrastructure safer, makes society more equitable, lowers the rate of crime, and also provides environments that are technologically advanced. Due to its ability to control the power of geospatial dimensions and make use of all data sets, the reporting and analytics solution is widely used.

Based on devices, the market is segmented into smart sensors, cameras, meters, others . Among these, the smart sensors segment will withhold the maximum CAGR in the forecasted period to enable the automated collection of environmental data with greater accuracy and reduced erroneous noise among the accurately recorded data.

Based on applications, the market is segmented into smart transportation, smart building, smart utilities, and others. The smart transportation segment captured the largest share of the market owing to the increasing demand of safer, better managed, more efficient and cost effective transportation system. Also, an intelligent transportation system is made up of a wide range of applications that process and share information to reduce traffic congestion, improve traffic management, reduce negative effects on the environment, and make transportation more beneficial to businesses and the general public.

For a better understanding of the market adoption of the Industrial Relay industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. North America witholds the largest revenue share. The district is bound to utilize IoT-based arrangements and administrations inferable from the accessibility of manageable and deep rooted economies. New technologies are also developed as a result of these factors and rising investments in research and development. In addition, the region's network operators are more likely to make investments in the development of 5G infrastructure, such as cloud edge computing and network slicing, as well as in strengthening and improving their telecom networks. Additionally, there is a rising adoption of IoT in the smart cities market for economic and strategic urban management.

Some of the major players operating in the market include: Cisco Systems, Inc.; StreetLight Data, Inc.; BUILDING ROBOTICS INC.; Locusview Inc; Optibus; Enevo, Inc.; Clarity Movement Co.; Telensa; Sensus; Avnet, Inc.