CHICAGO, January 5, 2022 / PRNewswire / – According to a research report “IoT in smart cities Market by Offer, Solution (Remote Monitoring, Network Management, Reporting and Analytics), Service, Application (Smart Transportation, Smart Building and Smart Utilities) and Region – Global Forecast to 2026 “, published by MarketsandMarkets ™, The Global Smart City IoT Market Size From Which To Grow $ 130.6 billion in 2021 to $ 312.2 billion by 2026, at a compound annual growth rate (CAGR) of 19.0% over the forecast period.
Various factors such as increasing adoption of IoT technology for infrastructure management and city monitoring and exponential increase in urban population are expected to lead to adoption of IoT in solutions and services of smart cities.
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In a short time, the COVID-19 epidemic affected markets and customer behaviors and significantly affected economies and societies. The healthcare, telecommunications, media and entertainment, utilities and government sectors operate around the clock to stabilize conditions and facilitate pre-service to each individual. The telecommunications sector, in particular, is playing a critical role across the globe in supporting the digital infrastructure of countries amid the COVID-19 pandemic.
According to Fujitsu’s Global Digital Transformation Survey, offline organizations have suffered further damage, while online organizations have seen growth in online demand and increased revenue. 69% of business leaders of online organizations said they saw an increase in their revenue in 2020. In contrast, 53% of offline organizations saw a decrease in their revenue.
Innovative IoT-based smart city solutions, which can be effectively coupled with big data, analytics, cloud, security and network connectivity, are in massive demand from various sectors. The adoption of IoT technology in smart city applications, such as smart utilities and smart citizen services, is expected to increase IoT adoption in smart cities during the pandemic as regulators of various countries mainly focus on the surveillance of health, safety and life. standards of their citizens. To meet the need to manage IoT devices in various cities, IoT solution providers need to improve the management capabilities of their platforms.
The segment of solutions to hold larger market size during the forecast period
IoT solutions for smart cities are at the forefront of technological changes forming a smart city paradigm. IoT in smart cities makes infrastructure safer, reduces the rate of criminal activity and leads to a fair society, with citizens seeking better services and authorities striving to make public services economically viable.
IoT solutions in smart cities could be described using seven key parameters, such as location analysis, network security, application security, real-time IoT in smart cities, management network bandwidth, remote monitoring system and data management.
Reporting and analytics solution segment to account for higher CAGR during forecast period
Reporting and analytics tools allow organizations to leverage all dimensions of data, harness the power of geospatial dimensions, and better understand interactions and outcomes in better representation through dashboards and reports. The reporting and analysis solution is crucial to enable authorities to make data-driven decisions. This leads to a better understanding of key business metrics, turning location data and spatial analytics into valuable information for organizations. Most of the industry’s analytics solutions help process the technology to enable applications to integrate with streaming data and quickly produce data pulled from multiple sources in real time. These analytics solutions are capable of fraud detection, customer relationship management (CRM), privacy protection services, and reliable analysis of data-generated IoT devices.
Professional services segment is expected to hold larger market size during the forecast period
Professional services are services offered by professionals, specialists or experts to support business operations. The professional services segment is classified into three segments: systems deployment and integration, consulting, and support and maintenance services. The main drivers of increasing demand for the IoT professional services segment include a growing trend to adopt IoT professional services to reduce capital expenditure (CAPEX) and operational expenditure (OPEX) and demand for IoT services. highly personalized in the industrial and transport sectors. In addition, there is an increase in the adoption of digital transformation services in various sectors, such as transport, utilities, buildings and others. These professional services are required during and after the implementation of IoT systems in organizations. Service providers deploy the latest IoT technology to improve operational performance and win a smarter business.
Intelligent Transportation Applications Segment Will Have Higher CAGR During Forecast Period
The IoT is emerging as a change in the field of transport. It has wide applications in transportation. From increasing safety to improving the driving experience, it plays a central role in the transportation industry. Many countries around the world are focusing on improving transport infrastructure, as this sector has a direct impact on the country’s GDP. Transportation-related software and applications are gaining ground. The IoT in the smart city market is still in the introduction stage and can be defined as interconnected devices that transport and IoT solution providers use to gain more visibility into transport and other related components. , such as traffic management and parking management.
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APAC will maintain a higher CAGR over the forecast period
Asia Pacific is an emerging IoT in the smart city market. China, Japan, and Singapore are the main countries contributing to the market growth in the region. Asia Pacific is also home to other great economies, such as Australia, South Korea, and India. Japan and China are among the largest manufacturing economies producing automobiles, information technology products, and electronics. The smart city IoT market paradigm has changed dramatically with the growing popularity of advanced technologies such as AI and big data analytics.
The main suppliers in the world Iot in the smart city market, IBM (United States), Cisco (United States), Intel (United States), Huawei (China), Microsoft (US), Tech Mahindra (India), Siemens (Germany), Honeywell (United States), Bosch (Germany), PTC (United States), Schneider Electric (France), ARM (England), Quantela (United States), Hitachi (Japan), Sierra Wireless (Canada), Youon (China), SAP (Germany), Deutsche Telekom (Germany), Confidex (Finland), Verizon (US), AGT International (Switzerland), Takadu (Israel), Optibus (Israel), Enevo (United States), Mean (Netherlands), FlamencoTech (India), AppyWay (United Kingdom).
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