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IoT In Smart Cities Market Report 2024 - IoT In Smart Cities Market Size, Share And Trends
IoT In Smart Cities Market
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
IoT in Smart Cities Market 2024 Key Insights:
• The iot in smart cities market will grow to $490.01 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%.
• Rising Adoption Of 5G Technology To Drive Market Growth
• Technological Advancements Driving Innovation In IOT In Smart Cities Market
• Asia-Pacific was the largest region in the IoT in smart cities market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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