(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "IoT in Smart Cities Global Market Report 2024" has been added to ResearchAndMarkets's offering.
The global IoT in Smart Cities market is undergoing a significant transformation, with an expected increase to $490.01 billion by the year 2028. This remarkable growth trajectory, ascending at a compound annual growth rate of 20.7%, is driven by the coherent integration of advanced technologies such as 5G, AI, and machine learning, alongside strategic public and private sector collaboration.
In the wake of rapid urbanization, smart cities are turning to the Internet of Things (IoT) for solutions that enhance public safety, energy management, urban mobility, and citizen engagement. As city infrastructure evolves, the enrollment of IoT in Smart Cities emerges as a cornerstone for future-proofed, sustainable urban ecosystems.
Asia-Pacific leads the charge as the most significant region in this sector, exemplifying robust deployment of IoT technologies in creating smarter, more efficient cities.
Key Trends Shaping the IoT in Smart Cities Market:
Integration with 5G networks, leveraging high-speed connectivity for real-time data analytics and augmented urban experiences. Enhanced urban mobility solutions, demonstrating how IoT augments traffic management systems to alleviate congestion and improve transportation frameworks. Smart grid technology adoption, facilitating efficient energy management practices through IoT-enabled devices and sensors. Public-private partnerships, driving innovation and incorporating citizen-centric approaches to urban development. The rise of health and wellness integrations, propelling IoT usage in monitoring public health parameters within smart city domains.
Tech Giants Spearheading IoT Advancements:
Emerging as a pivotal force within the market, major companies are launching new digital platforms and IoT-enriched solutions to cater to evolving smart city needs. These solutions span from IoT-enabled hardware and software to digital services designed for robust cyber security, energy efficiency, and AI-enhanced analytics.
The diverse range of IoT components enriching smart cities encompasses solutions and services essential for the maintenance and growth of modern infrastructure, energy systems, healthcare, and transportation, among others. With seamless connectivity protocols – from Bluetooth to RFID – these technologies illustrate the versatility of the IoT ecosystem within urban landscapes.
Growth Factors and Market Dynamics:
The convergence of 5G technology positions itself as a significant catalyst in the expansive compound annual growth rate noted in the industry. With increased data transmission speeds and improved network reliability, 5G stands as a transformative element in the development of smart cities. Furthermore, substantial investment in infrastructure, such as the monumental IIJA in the United States, underscores the escalation of sophisticated, IoT-driven urban environments.
Strategic Mergers and Acquisitions:
Strategic initiatives continue to unfold as leading players gain ground through acquisitions and mergers, expanding their capabilities and services to offer comprehensive IoT solutions. These integrations enable enhanced monitoring and management, aligning with the progressive vision of interconnected, intelligent cities.
The disclosed insights highlight a substantial leap forward for the IoT in Smart Cities market, reflecting an era where technology, sustainability, and urban growth intersect. This market encapsulates a vibrant nexus of innovation, setting the stage for a smarter, more responsive urban future.
Technologies such as smart meters, processors, streetlights, and microcontrollers fortify the foundation of IoT services in the smart city sphere, ensuring that the components and systems essential for modern city living are not only connected but are also contributing to a sustainable, data-informed world. As such, the synergistic growth of the IoT in Smart Cities market reflects a commitment to a more connected, efficient, and intelligent global community.
The comprehensive market research report provides insightful analytics and a thorough understanding of current and future market dynamics.
Cisco Systems Inc. Intel 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
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