IoT in Smart Cities Market Growth, Scope of Current and Future Industry | 2030

The rising demand for IoT service among various developing nations and introduction of new technologies based on IoT platform are the key factors, which propel the growth of the IoT in smart cities market. In addition, governments from various countries are undertaking multiple smart cities initiatives to offer various advanced services to their citizens, which propel the market growth.

However, lack of advancements in communication technology and poor operational efficiency restrain the market growth. Furthermore, implementation of IoT services helps in delivering better and advanced security solutions and examines assets from remote location without any physical presence provides lucrative opportunities to the growth of the market.

The rise in implementation of 5G technology and its developing infrastructure is offering high opportunities for various functions. This technology offers ultra-low latency, ultra-high speeds, and connects many devices at a time. The technology is capable of improving the operational effectiveness of IoT and smart city services.

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It provides high-capacity data and fast connection, thus providing real-time support to the smart city solutions in order to examine the behavior of residents, infrastructure, and connected devices.

In addition, government and IoT technology providers across the globe are focusing on implementing 5G infrastructure. For instance, the government of India is focusing on developing 5G infrastructure for smart cities.

Asia-Pacific is expected to have the highest market growth during the forecast period. Rising awareness about the latest technology and adoption of IoT devices in the region have increased business productivity and attracted businesses to provide smart services in the region leading to Asia-Pacific becoming a highly potential market.

The countries in this region have undertaken significant steps to adopt IoT in smart cities solutions and services to satisfy the needs of data quality and governance in large enterprises and small & medium enterprises.

Impact of COVID-19 on IoT in Smart Cities Market-

The COVID-19 pandemic has badly impacted the currently underway smart city projects. Lockdowns across the globe have highly affected the manpower, distribution chain, logistics, low production, and high cost of hardware, impacting the growth of the market.

However, in the long term, to cope with the challenges of overpopulation and maintaining social distancing in public places in densely populated urban cities, governments are entering into partnerships with companies to focus on smart services for surveillance.

A smart city can provide huge data that can be used in contact tracking, which might be helpful during emergency situations. IoT technology can help in maintaining cleanliness in the city and detect people without masks or not maintaining hygiene in public places.

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For instance, with the help of IoT technology, people were able to find the vacant beds in the COVID-19 hospitals. However, the post pandemic situation is anticipated to observe the market growth.

Companies covered in this report are Cisco Systems Inc., Intel Corporation, Huawei Technologies Co. Ltd., Microsoft Corporation, Tech Mahindra Ltd., Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Arm Limited, Verizon Communications Inc.

Key benefits of the report

  • This study presents analytical depiction of the IoT in smart cities market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis based on the present and future competitive intensity of the market.

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