IoT in Smart Cities Market Size, Share, Revenue, Trends And Drivers For 2024-2033

LONDON, GREATER LONDON, UK, August 14, 2024 /EINPresswire.com/ -- The IoT in smart cities market has experienced robust growth in recent years, expanding from $191.76 billion in 2023 to $230.84 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to infrastructure modernization, sustainability goals, public safety concerns, efficient traffic management, demand for energy efficiency, citizen engagement.

Strong Future Growth Anticipated
The IoT in smart cities market is projected to continue its strong growth, reaching $490.01 billion in 2028 at a compound annual growth rate (CAGR) of 20.7%. The growth in the forecast period can be attributed to enhanced security measures, robust data privacy regulations, circular economy initiatives, global connectivity and interoperability, health and wellness solutions.

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Growth Driver Of The IoT in Smart Cities Market
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.

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Major Players And Market Trends
Key players in the IoT in smart cities market include Cisco Systems Inc., Intel Corporation, The International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd.
Major companies operating in the IoT in smart cities market are developing new business platforms for digital transformation to gain a competitive edge in the market. Digital transformation refers to the process of leveraging digital technologies to fundamentally change and enhance various aspects of business operations, strategies, and customer experiences.

Segments:
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

Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the IoT in smart cities market in 2023. 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

IoT in Smart Cities Market Definition
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.

IoT in Smart Cities Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The IoT in Smart Cities Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on IoT in smart cities market size, IoT in smart cities market drivers and trends, IoT in smart cities market major players, IoT in smart cities competitors' revenues, IoT in smart cities market positioning, and IoT in smart cities market growth across geographies. The IoT in smart cities market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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