IoT in Smart Cities Market to reach US$219.6B by 2023
The emergence of 5G services will also help increase the adoption rate of IoT services and solutions as there will be drastic improvement in the efficiency of the services.
February 7, 2019
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A new report released by MarketsandMarkets projects the Internet of Things (IoT) in smart cities market will grow from US$79.5 billion in 2018 to US$219.6 billion by 2023, a compound annual growth rate (CAGR) of 22.5% from 2018 to 2023.
The study, “IoT in Smart Cities Market by Solution (remote monitoring, network management, analytics, RTLS, security), Service, Application (smart transportation, buildings, utilities, healthcare and public safety), and Region – Global Forecast to 2023″, shows the major factors driving the growth of IoT in smart cities are the increasing number of government initiatives and P3 models for smart cities, improvements in the communication infrastructure that are brought by IoT and rising adoption of connected and smart technologies in smart cities initiatives.
The remote monitoring segment is expected to lead the market during the forecast period, owing to the rising adoption of connected and smart technologies involved in the implementation of IoT in smart cities solutions. These services help in driving the productivity and efficiency of government services, thereby enabling governments to build a time-efficient system.
The emergence of 5G services will also help increase the adoption rate of IoT services and solutions as there will be drastic improvement in the efficiency of the services. Governments will be encouraged to implement smart devices such smart meters and smart appliances to provide efficient services to the citizen.
The report identifies key players in the market including: Cisco, IBM, Intel, PTC, Schneider Electric, Honeywell, Quantela, and Sierra Wireless.