IoT in Smart Cities Market Size – By Component (Hardware, Software and Services), By Connectivity Technology (Cellular Networks (4G, 5G), Low Power Wide Area Networks (LPWAN), Narrowband IoT (NB-IoT), Radio Frequency Identification (RFID), Near Field Communication (NFC), Bluetooth and Bluetooth Low Energy (BLE), Wi-Fi, Zigbee and Others), By Application (Transportation, Building, Utilities, Education, Healthcare, Public Safety), & Region – Global Forecasts 2024 - 2034.
- PUBLISHED ON
- 2024-10-15
- NO OF PAGES
- 295
- CATEGORY
- Information Communication & Technology
Market Overview
The IoT in Smart Cities market report is predicted to develop at a compound annual growth rate (CAGR) of 19.6% from 2024 to 2034, when global IoT in Smart Cities market forecast size is projected to reach USD 585.43 Billion in 2034, based on an average growth pattern. The global IoT in Smart Cities market revenue is estimated to reach a value of USD 145.72 Billion in 2024.
SOURCE: We Market Research
The market is
growing rapidly, driven by the increasing adoption of smart city technologies
to improve urban infrastructure, resource management, and overall quality of
life. The market refers to the use of Internet of Things (IoT) technologies and
solutions to enhance urban infrastructure, services, and environments. It
involves the integration of connected devices, sensors, software, and
communication technologies to gather and analyze data from various urban
systems in real-time. This enables cities to improve efficiency,
sustainability, safety, and the quality of life for residents through
intelligent decision-making and automated responses. Applications of IoT in
smart cities include areas such as traffic management, energy consumption,
waste management, public safety, healthcare, environmental monitoring, and
other municipal services.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 145.72 Billion |
|
Market
Forecast in 2034 |
USD 585.43 Billion |
|
CAGR % 2024-2034 |
19.6% |
|
Base
Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast
Period |
2024-2034 |
|
Report USP
|
Production,
Consumption, company share, company heatmap, company production capacity,
growth factors and more |
|
Segments
Covered |
By Component,
By Connectivity Technology, By Application and By Region |
|
Regional Scope |
North America,
Europe, APAC, South America and Middle East and Africa |
|
Country
Scope |
U.S.; Canada;
U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia;
China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico;
Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Market: Dynamics & Restrains
Global IoT in Smart Cities Market Opportunity:
We Market
Research: Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into global IoT in Smart Cities market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
IoT in Smart Cities Market Segmentation
Market- By Component Analysis
By component, the market is categories into Hardware, Software and Services. Hardware dominate the market with the largest share, accounting for over 46% of the market in 2023. Hardware includes physical devices necessary for IoT implementations, such as sensors, actuators, connectivity devices (like gateways), and smart meters. The increasing number of connected devices and the need for infrastructure improvements drive the demand for hardware.
The
following segments are part of an in-depth analysis of the global IoT in Smart
Cities market:
|
Market Segments |
|
|
By Component |
·
Hardware o
Sensors o
Actuators o
Cameras o
Edge Devices o
Others ·
Software o
Data Management Platforms o
Application Management Platforms o
Security Software o
Analytics Software o
Others ·
Services o
Consulting Services o
System Integration and Deployment Services o
Managed Services o
Support and Maintenance Services |
|
By
Connectivity Technology |
·
Cellular Networks (4G, 5G) ·
Low Power Wide Area Networks (LPWAN) ·
Narrowband IoT (NB-IoT) ·
Radio Frequency Identification (RFID) ·
Near Field Communication (NFC) ·
Bluetooth and Bluetooth Low Energy (BLE) ·
Wi-Fi ·
Zigbee ·
Others |
|
By Application |
·
Transportation ·
Building ·
Utilities ·
Education ·
Healthcare ·
Public Safety |
IoT in Smart Cities Industry: Regional Analysis
North America Market Forecast
North America dominates the global market, accounting for around 38% of the global IoT in Smart Cities market share in 2023. North America, led by the United States and Canada, has been a pioneer in adopting IoT and smart city technologies, driving a significant portion of the market share. Strong government support and funding for smart city projects and digital infrastructure upgrades play a crucial role in the region's market dominance. Presence of major tech companies and advanced research in AI, IoT, and 5G contribute to the rapid deployment of smart city solutions. Cities like New York, San Francisco, and Toronto are notable for their extensive use of IoT technologies in transportation, public safety, and energy management.
Europe Market Statistics
Europe’s
emphasis on green initiatives and sustainability, backed by regulations like
the European Green Deal, is a significant factor in the adoption of IoT in
smart cities. Major investments in smart grids, smart mobility, and
energy-efficient solutions across cities in countries like Germany, the UK, and
France. European cities are global leaders in creating innovation hubs and
testbeds for smart city technologies, promoting interoperability and digital
innovation. Cities like Amsterdam, London, and Barcelona are at the forefront
of implementing smart city technologies, focusing on mobility, energy
management, and data-driven urban planning.
Asia Pacific Market Forecasts
Countries like
China, India, and Japan are experiencing rapid urbanization, leading to a high
demand for efficient urban infrastructure and smart city solutions. Governments
in the region are heavily investing in smart city initiatives, like China's
"New Infrastructure" strategy and India's "Smart Cities
Mission." Strong growth in technology sectors and increased adoption of
AI, IoT, and 5G technologies drive the market in this region. Cities such as
Shanghai, Singapore, and Tokyo are implementing advanced IoT-based solutions in
traffic management, energy efficiency, and public services.
Middle East & Africa Market Statistics
MEA countries,
particularly in the Gulf region, are investing heavily in smart city projects
as part of their Vision 2030 strategies, focusing on sustainability and digital
transformation. Countries like the UAE and Saudi Arabia are using smart city
technologies as a way to diversify their economies beyond oil dependence.
Ongoing development in infrastructure, especially in countries like the UAE and
Qatar, supports the adoption of IoT in smart cities. Smart city projects like
Masdar City in the UAE and NEOM in Saudi Arabia are well-known for their focus
on sustainable urban living and digital innovation.
Latin America Market Statistics
Cities in Latin
America are increasingly adopting IoT technologies to tackle urban challenges
such as traffic congestion, pollution, and energy inefficiencies.
Government-backed initiatives and investments in smart infrastructure are
gradually increasing, particularly in countries like Brazil and Mexico. Despite
the growth potential, factors like economic instability, lack of robust
infrastructure, and limited technological adoption pose challenges to rapid
market growth. Smart city developments in cities like São Paulo and Mexico City
focus on enhancing urban mobility, public safety, and energy management.
Key Market Players
The IoT in Smart Cities Market
is dominated by a few large companies, such as
·
Cisco Systems, Inc.
·
IBM Corporation
·
Siemens AG
·
Microsoft Corporation
·
Huawei Technologies Co., Ltd.
·
Schneider Electric
·
Intel Corporation
·
SAP SE
·
Hitachi Ltd.
·
Oracle Corporation
·
Ericsson
·
AT&T Inc.
·
Honeywell International Inc.
·
GE Digital (General Electric)
·
Amazon Web Services (AWS)
·
NEC Corporation
· Others
1.
Global
IoT in Smart Cities Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global IoT in Smart Cities
Market Scope and Market Estimation
1.2.1. Global IoT in Smart Cities Overall
Market Size (US$ Bn), Market CAGR (%), Market forecast (2024 - 2034)
1.2.2. Global IoT in Smart Cities
Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1. Component of Global IoT in Smart
Cities Market
1.3.2. Connectivity Technology of
Global IoT in Smart Cities Market
1.3.3. Application of Global IoT in
Smart Cities Market
1.3.4. Region of Global IoT in Smart
Cities Market
2.
Executive Summary
2.1. Demand Side Trends
2.2. Key Market Trends
2.3. Market Demand (US$ Bn) Analysis
2019 – 2023 and Forecast, 2024 – 2034
2.4. Demand and Opportunity
Assessment
2.5. Demand Supply Scenario
2.6. Market Dynamics
2.6.1. Drivers
2.6.2. Limitations
2.6.3. Opportunities
2.6.4. Impact Analysis of Drivers and
Restraints
2.7. Pricing Trends Analysis
2.8. Overview of Technology Developments
2.9. Porter’s Five Forces Analysis
2.9.1. Bargaining Power of Suppliers
2.9.2. Bargaining Power of Buyers
2.9.3. Threat of Substitutes
2.9.4. Threat of New Entrants
2.9.5. Competitive Rivalry
2.10. PEST Analysis
2.10.1. Political Factors
2.10.2. Economic Factors
2.10.3. Social Factors
2.10.4. Technology Factors
2.11. Value Chain / Ecosystem Analysis
2.12. Key Regulation
3.
Global IoT in Smart Cities
Market Estimates & Historical Trend
Analysis (2019 - 2023)
4.
Global IoT in Smart Cities
Market Estimates & Forecast Trend
Analysis, by Component
4.1. Global IoT in Smart Cities
Market Revenue (US$ Bn) Estimates and Forecasts, by Component, 2019 - 2034
4.1.1. Hardware
4.1.1.1.
Sensors
4.1.1.2.
Actuators
4.1.1.3.
Cameras
4.1.1.4.
Edge
Devices
4.1.1.5.
Others
4.1.2. Software
4.1.2.1.
Data
Management Platforms
4.1.2.2.
Application
Management Platforms
4.1.2.3.
Security
Software
4.1.2.4.
Analytics
Software
4.1.2.5.
Others
4.1.3. Services
4.1.3.1.
Consulting
Services
4.1.3.2.
System
Integration and Deployment Services
4.1.3.3.
Managed
Services
4.1.3.4.
Support
and Maintenance Services
5.
Global IoT in Smart Cities
Market Estimates & Forecast Trend
Analysis, by Connectivity Technology
5.1. Global IoT in Smart Cities
Market Revenue (US$ Bn) Estimates and Forecasts, by Connectivity Technology, 2019
- 2034
5.1.1.Cellular
Networks (4G, 5G)
5.1.2.Low
Power Wide Area Networks (LPWAN)
5.1.3.Narrowband
IoT (NB-IoT)
5.1.4.Radio
Frequency Identification (RFID)
5.1.5.Near
Field Communication (NFC)
5.1.6.Bluetooth
and Bluetooth Low Energy (BLE)
5.1.7.Wi-Fi
5.1.8.Zigbee
5.1.9.Others
6.
Global IoT in Smart Cities
Market Estimates & Forecast Trend
Analysis, by Application
6.1. Global IoT in Smart Cities
Market Revenue (US$ Bn) Estimates and Forecasts, by Application, 2019 - 2034
6.1.1.Transportation
6.1.2.Building
6.1.3.Utilities
6.1.4.Education
6.1.5.Healthcare
6.1.6.Public
Safety
7.
Global IoT in Smart Cities
Market Estimates & Forecast Trend
Analysis, by Region
7.1. Global IoT in Smart Cities
Market Revenue (US$ Bn) Estimates and Forecasts, by Region, 2019 - 2034
7.1.1. North America
7.1.2. Eastern Europe
7.1.3. Western Europe
7.1.4. Asia Pacific
7.1.5. Middle East & Africa
7.1.6. Latin America
8.
North
America IoT in Smart Cities Market: Estimates & Forecast Trend Analysis
8.1.
North
America IoT in Smart Cities Market Assessments & Key Findings
8.1.1. North America IoT in Smart
Cities Market Introduction
8.1.2. North America IoT in Smart
Cities Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
8.1.2.1. By Component
8.1.2.2. By Connectivity
Technology
8.1.2.3. By Application
8.1.2.4. By Country
8.1.2.4.1. The U.S.
8.1.2.4.2. Canada
8.1.2.4.3. Mexico
9.
Western
Europe IoT in Smart Cities Market: Estimates & Forecast Trend Analysis
9.1. Western Europe IoT in Smart
Cities Market Assessments & Key Findings
9.1.1. Western Europe IoT in Smart
Cities Market Introduction
9.1.2. Western Europe IoT in Smart
Cities Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
9.1.2.1. By Component
9.1.2.2. By Connectivity
Technology
9.1.2.3. By Application
9.1.2.4.
By
Country
9.1.2.4.1.
Germany
9.1.2.4.2.
Italy
9.1.2.4.3.
U.K.
9.1.2.4.4.
France
9.1.2.4.5.
Spain
9.1.2.4.6.
Benelux
9.1.2.4.7.
Nordics
9.1.2.4.8. Rest
of W. Europe
10. Eastern Europe IoT
in Smart Cities Market: Estimates &
Forecast Trend Analysis
10.1. Eastern Europe IoT in Smart
Cities Market Assessments & Key Findings
10.1.1. Eastern Europe IoT in Smart
Cities Market Introduction
10.1.2. Eastern Europe IoT in Smart
Cities Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
10.1.2.1. By Component
10.1.2.2. By Connectivity
Technology
10.1.2.3. By Application
10.1.2.4. By Country
10.1.2.4.1.
Russia
10.1.2.4.2.
Hungary
10.1.2.4.3.
Poland
10.1.2.4.4.
Balkan & Baltics
10.1.2.4.5. Rest of E. Europe
11. Asia Pacific IoT
in Smart Cities Market: Estimates &
Forecast Trend Analysis
11.1. Asia Pacific Market Assessments
& Key Findings
11.1.1. Asia Pacific IoT in Smart Cities
Market Introduction
11.1.2. Asia Pacific IoT in Smart Cities
Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
11.1.2.1. By Component
11.1.2.2. By Connectivity
Technology
11.1.2.3. By Application
11.1.2.4. By Country
11.1.2.4.1. China
11.1.2.4.2. Japan
11.1.2.4.3. India
11.1.2.4.4. Australia & New Zealand
11.1.2.4.5. South Korea
11.1.2.4.6. ASEAN
11.1.2.4.7. Rest of Asia Pacific
12. Middle East & Africa IoT
in Smart Cities Market: Estimates &
Forecast Trend Analysis
12.1. Middle East & Africa Market
Assessments & Key Findings
12.1.1. Middle
East & Africa IoT
in Smart Cities Market Introduction
12.1.2. Middle
East & Africa IoT
in Smart Cities Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
12.1.2.1. By Component
12.1.2.2. By Connectivity
Technology
12.1.2.3. By Application
12.1.2.4. By Country
12.1.2.4.1. UAE
12.1.2.4.2. Saudi
Arabia
12.1.2.4.3. Turkey
12.1.2.4.4. South
Africa
12.1.2.4.5. Rest of
MEA
13. Latin America
IoT in Smart Cities Market: Estimates
& Forecast Trend Analysis
13.1. Latin America Market Assessments
& Key Findings
13.1.1. Latin America IoT in Smart
Cities Market Introduction
13.1.2. Latin America IoT in Smart
Cities Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)
13.1.2.1. By Component
13.1.2.2. By Connectivity
Technology
13.1.2.3. By Application
13.1.2.4. By Country
13.1.2.4.1. Brazil
13.1.2.4.2. Argentina
13.1.2.4.3. Colombia
13.1.2.4.4. Rest of
LATAM
14. Country Wise Market:
Introduction
15. Competition Landscape
15.1. Global IoT in Smart Cities
Market Product Mapping
15.2. Global IoT in Smart Cities Market
Concentration Analysis, by Leading Players / Innovators / Emerging Players /
New Entrants
15.3. Global IoT in Smart Cities
Market Tier Structure Analysis
15.4. Global IoT in Smart Cities
Market Concentration & Company Market Shares (%) Analysis, 2023
16. Company Profiles
16.1. IBM Corporation
16.1.1. Company Overview & Key Stats
16.1.2. Financial Performance & KPIs
16.1.3. Product Portfolio
16.1.4. SWOT Analysis
16.1.5. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
16.2. Cisco Systems, Inc.
16.3. Siemens AG
16.4. Intel Corporation
16.5. Microsoft
Corporation
16.6. Huawei Technologies
Co., Ltd.
16.7. Schneider Electric
SE
16.8. Oracle Corporation
16.9. Ericsson
16.10. SAP SE
16.11. Hitachi, Ltd.
16.12. Qualcomm
Technologies, Inc.
16.13. AT&T Inc.
16.14. Verizon
Communications Inc.
16.15. GE Digital
16.16. Nokia Corporation
16.17. Others
17. Research
Methodology
17.1. External Transportations /
Databases
17.2. Internal Proprietary Database
17.3. Primary Research
17.4. Secondary Research
17.5. Assumptions
17.6. Limitations
17.7. Report FAQs
18. Research
Findings & Conclusion
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Frequently Asked Questions
What is the market size of IoT in Smart Cities Market in 2024?
IoT in Smart Cities Market was valued at USD 145.72 Billion in 2024.
What is the growth rate for the IoT in Smart Cities Market?
IoT in Smart Cities Market size will increase at approximate CAGR of 19.6% during the forecasted period.
Which are the top companies operating within the market?
Major companies operating within the market are Cisco Systems, Inc., IBM Corporation, Siemens AG, Microsoft Corporation, Huawei Technologies Co., Ltd., Schneider Electric, Intel Corporation, SAP SE, Hitachi Ltd., Oracle Corporation, Ericsson, AT&T Inc., Honeywell International Inc., GE Digital (General Electric), Amazon Web Services (AWS), NEC Corporation and others.
Which region dominates the IoT in Smart Cities Market?
North America dominates the market with an active share of 38%.
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