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Unlocking Opportunities in the IoT in Smart Cities Market: 2025-2034 Forecast Report
IoT in Smart Cities Market
What Will the IoT in Smart Cities Industry Market Size Be by 2025?
The market for IoT in smart cities has significantly expanded in the past several years. The market, which is projected to rise from $226.12 billion in 2024 to $269.38 billion in 2025, will experience a compound annual growth rate (CAGR) of 19.1%. This surge within the historical period can be linked to factors such as the modernization of infrastructure, sustainability objectives, issues related to public safety, effective traffic control, the requirement for energy efficiency, and citizen engagement.
What's the Long-Term Growth Forecast for the IoT in Smart Cities Market Size Through 2029?
The market size of IoT in smart cities is anticipated to witness remarkable expansion in the subsequent years. It is projected to escalate to "$608.6 billion in 2029 at a compound annual growth rate (CAGR) of 22.6%. The surge in the estimated time frame is tied to improved security methods, strong data privacy rules, initiatives revolving around the circular economy, worldwide connectivity and interoperability, as well as health and wellness solutions. Key trends in the estimated period comprise integration with 5g networks, innovative urban mobility solutions, smart power grids for effective energy management, applications of AI and machine learning, and collaboration between public and private entities.
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What Are the Key Growth Drivers Fueling the IoT in Smart Cities Market Expansion?
The increasing adoption of 5G technology is projected to catalyze the expansion of the IoT in the smart cities market. As the fifth generation of cellular technology, 5G enhances wireless services by making them quicker, steadier, and more adaptable. It will serve as a pivotal accelerator for IoT in smart cities, providing an infrastructure to connect a vast array of sensors and actuators with stringent energy efficiency and data transmission requirements. Consequently, the escalating adoption of 5G technology is set to spur the growth of the IoT in the smart cities market. For example, in March 2023, the Mobile Suppliers Association, a non-profit UK-based organization in the mobile communication industry, reported 1.15 billion 5G subscribers as of December 2022, an increase from 619 million at the same time in December 2021, illustrating a 85.9% year on year growth. As a result, the escalating adoption of 5G technology is anticipated to stimulate the advancement of the IoT in the smart cities market.
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What Are the Key Trends Driving IoT in Smart Cities Market Growth?
The IoT in smart cities market is moving toward digital transformation platforms. In July 2022, Germany-based Siemens AG launched Siemens Xcelerator, an open business platform that includes Building X-a modular, AI-enabled smart building suite. Designed to support net-zero goals, it offers comprehensive digital solutions with cybersecurity and cloud integration.
How Is the IoT in Smart Cities Market Segmented?
The IoT in smart cities market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Technology: Bluetooth, Cellular Network, RFID, Other Technologies
3) By Application: Smart Building, Smart Healthcare, Smart Energy, Smart Transportation, Public Safety, Smart Infrastructure, Other Applications
Subsegments:
1) By Solutions: Smart Lighting Solutions, Smart Waste Management Solutions, Smart Transportation Solutions, Smart Water Management Solutions, Smart Energy Management Solutions, Smart Parking Solutions, Smart Environmental Monitoring Solutions
2) By Services: Consulting Services, System Integration Services, Maintenance And Support Services, Managed Services, Data Analytics Services, Training And Education Services
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Which Companies Are Leading the Charge in IoT in Smart Cities Market Innovation?
Major companies operating in the IoT in smart cities market include 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
Which Regions Are Leading the Global IoT in Smart Cities Market in Revenue?
Asia-Pacific was the largest region in the IoT in smart cities market in 2024. The regions covered in the IoT in smart cities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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