Artificial Intelligence
IoT in Smart Cities Global Market Report 2023
New York, Aug. 04, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “IoT in Smart Cities Global Market Report 2023” – https://www.reportlinker.com/p06479799/?utm_source=GNW
, Bosch Global Software Technologies Private Limited., Siemens Incorporation., PTC Inc., ARM Inc. ., Schneider Electric SE, Deutsche Telekom AG, Hitachi Ltd., and SAP SE.
The global IoT in smart cities market is expected to grow from $159.21 billion in 2022 to $191.76 billion in 2023 at a compound annual growth rate (CAGR) of 20.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The IoT in smart cities market is expected to reach $402.48 billion in 2027 at a CAGR of 20.4%.
The IoT in smart cities market consists of revenue earned by entities IoT services such as infrastructure management, transportation, energy management, and building automation.The market value includes the value of related goods sold by the service provider or included within the service offering.
IoT in the smart cities market also includes the sale of sensors, lights, and meters to monitor and analyze data.The IoT in smart cities market also includes sales of processors, smart meters, streetlights and microcontrollers equipment which are used in providing IoT in smart cities services.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.
The IT market is segmented into IT services; computer hardware; telecom and software products.
The Internet of Things (IoT) in smart cities refers to a network of physical devices, vehicles, buildings, and other objects that are embedded with sensors, software, and network connectivity, which enables them to collect and exchange data, within the region of a smart city. It is used to connect various components of the urban infrastructure and create a seamless, efficient, and smart sustainable environment.
Asia-Pacific was the largest region in the IoT in smart cities market in 2022. The regions covered in IoT in smart cities report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main IoT in smart cities component types are solutions, and services.IoT (Internet of Things) solutions in smart cities refer to the employment of connected devices and sensors to gather and analyze data to improve the efficiency, sustainability, and livability of urban environments.
The various technologies includes Bluetooth, cellular network, rfid, and others applied in smart building, smart healthcare, smart energy, smart transportation, public safety, smart infrastructure, and others.
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.
The emergence of innovative solutions and services in IoT is a key trend in IoT in the smart cities market.The companies operating in the IoT in the smart cities market are focusing on innovative solutions and services in IoT to sustain their position in the market.
For instance, in February 2020, Clovity, a US-based IT services company engaged in providing Internet of Things (IoT), Big Data, Artificial Intelligence (AI) & Machine Learning (ML) solutions, launched the CSensorNet Smart City Platform to deliver in Qualcomm Smart City Accelerator Program.The CSensorNet IoT platform from Clovity can enable “Smart Classrooms” with linked gadgets to promote interactive learning and development and “Digital Students” by linking to buildings, facilities, and online shopping.
The Clovity IoT platform provides cutting-edge IoT solutions that use Qualcomm Technologies’ technology.The program aims to hasten the adoption of new technologies that expanding cities require to succeed.
Further promoting “Smart Administration,” Clovity’s platform will enable improved facility management, student engagement, transportation, and housing safety.
In January 2022, Marston Holdings Ltd., a United Kingdom-based company providing integrated technology-enabled solutions, acquired Vortex IoT Limited for an undisclosed amount. With this acquisition, Marston will be more capable of providing complementary air quality and acoustic monitoring solutions that raise awareness, locate regions of excessive pollution, and improve public health by adding Vortex to its portfolio. Vortex IoT Limited is a UK-based company that offers a platform as a Service, air quality monitoring, air pollution, sensing as a service, and vehicle-to-infrastructure IoT solutions within smart city premises and network.
The countries covered in the IoT in smart cities market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The IoT in smart cities market research report is one of a series of new reports that provides iot in smart cities market statistics, including iot in smart cities industry global market size, regional shares, competitors with a iot in smart cities market share, detailed iot in smart cities market segments, market trends and opportunities, and any further data you may need to thrive in the iot in smart cities industry. This iot in smart cities market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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