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

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:

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