The market size of Internet of Things (IoT) in smart cities market is expected to rise to USD 219.6 billion by 2023 from USD 82 billion in 2018 and a Compound Annual Growth Rate (CAGR) of 28% to be accounted from 2018 to 2027. The enhanced number of government initiatives and PPP models for smart cities, advancement in the communication infrastructure accelerated by IoT, and increasing enactment of connected and smart technologies in smart cities initiatives are the relevant factors driving the growth of the IoT in smart cities market.



The highest Internet of Things (IoT) in Smart Cities Market size in contrast to the other segments in the market during the forecast period is estimated to be of the smart citizen services application. Advancement in the communication infrastructure accelerated by IoT can be the cause of growth of this segment. The innovation of 5G services will also aid to enhance the adoption rate of IoT services and solutions would lead to radical improvement in the competence of the services. For delivering efficient services to the citizen, governments will be inspired to enforce smart devices such as smart meters and smart appliances.



The prominent players along with various startups are providing enhanced Internet of Things (IoT) in Smart Cities Market solutions and services to cater the demands of their customers. Cisco (US), IBM (US), Intel (US), PTC (US), Schneider Electric (US), Honeywell (US), Quantela (US), and Sierra Wireless (Canada) are the key players of IoT in Smart Cities Market.



The key factors liable for the fortunate working of Internet of Things (IoT) in Smart Cities Market are technology improvements and operational competency. The inadequacy of basic technologies, such as telecom and networking infrastructure, and unable to rapidly enforce smart projects due to distinct factors, such as low budget and low literacy rate are issues endured by various countries in APAC, MEA, and Latin America. In many countries, the 4G technology is yet to be developed or even recommended, although few countries like China, is running a trial on the 5G technology. The initial budget compulsion plays an important role in reducing the development rate of smart cities in such countries though the governments of such countries are familiar with smart cities perks and enormous RoI from the market. Even constraints are faced by developed countries, such as those of Europe and North America in establishing their legacy infrastructures with new and smart ones.



In 2018, due to early enactment of technology, rigid regulations, and large-scale investments, North American region dominated the Internet of Things (IoT) in Smart Cities Market. Moreover, in terms of CAGR among the other regions, APAC is leading the market. With the enhanced smart city initiatives, IoT is immensely gaining adherence. Furthermore, these initiatives are enabling the technology vendors to participate with the governments for attributing smarter ecosystem for citizens. The IoT in smart cities market is getting driven by the rising urban population and the concerns over ecological shortcomings. Enhanced technology contribution and continuing smart city projects are the reason for speedy growth in APAC market.

Internet of Things (IoT) in Smart Cities Market: Component Analysis

• Solution

o Security

o Remote Monitoring

o Analytics

o Network Management

o RTLS

• Services



IoT in Smart Cities Market: Application Analysis

• Lighting

• Traffic

• Utilities

• Public Safety

• Environmental Monitoring

• Others



IoT in Smart Cities Market: End-User Analysis

• Information and Technology

• Telecommunication

• Government

• Automation

• Energy

• Others



Internet of Things (IoT) in Smart Cities Market: Regional Analysis

• North America

o The U.S.



• Europe

o UK

o France

o Germany



• Asia Pacific

o China

o Japan

o India



• Latin America

o Brazil

• The Middle East and Africa