Press release
IoT in Smart Cities Market is projected to expand at a steady CAGR over the forecast by 2031 | Verizon Communications, Takadu Ltd, Tech Mahindra Ltd, Appyway, Hitachi Ltd, Arm Ltd, Honeywell International Inc.
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IoT in Smart Cities is a system of interconnected devices and sensors that collect and share data about the city’s infrastructure and services. The data is used to improve the efficiency of city services and to make the city more livable for residents. The IoT system can include devices such as traffic lights, parking meters, and waste management sensors.
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Key Trends
There are a few key trends in IoT in Smart Cities technology. One is the trend of using IoT to manage city infrastructure. This includes using sensors to monitor traffic, water, and electricity usage, as well as using IoT to manage city resources like trash and recycling. Another trend is using IoT to improve public safety. This includes using sensors to monitor crime, as well as using IoT to monitor and respond to natural disasters.
Key Drivers
The key drivers of IoT in Smart Cities market are:
1. Increasing adoption of connected devices: There is a growing trend of connected devices in smart cities. This is due to the increasing adoption of IoT technology.
2. Growing need for better urban planning: Smart cities are often complex systems, with a large number of interconnected devices and systems. This complexity makes it difficult to manage and plan urban areas effectively.
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Market Segments
The IoT in smart cities market is segmented by offering, application, enterprise size, and region. By offering, the market is divided into solution, and services. On the basis of application, it is bifurcated into smart transportation, smart building, smart utilities, and smart citizen services. Based on enterprise size, the market is classified into large enterprises, small and medium enterprises. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The global IoT in smart cities includes players such as Verizon Communications, Takadu Ltd, Tech Mahindra Ltd, Appyway, Hitachi Ltd, Arm Ltd, Honeywell International Inc, Microsoft Corporation, Intel Corporation, and IBM Corporation.
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