The IoT in Smart Cities market is expected to grow at a compound annual growth rate (CAGR) of 19.6% from 2024 to 2034. According to projections, the market size will reach USD 585.43 billion by 2034, following a consistent growth trajectory. In 2024, the global IoT in Smart Cities market revenue is estimated to be USD 145.72 billion. 

IoT, also known as the Internet of Things (IoT), in Smart Cities means the integration of different devices, objects and systems within the city's infrastructure to enhance productivity, sustainability and overall quality of life. In simple terms, IoT refers to the connection of everyday objects and their ability to communicate and share information with each other and humans via the internet. The use of Internet of Things (IoT) technologies in smart cities enables the collection and analysis of information from sensors, camera systems, vehicles and other devices. This enables city managers to make better decisions and allocate resources more efficiently. As a result, public services can be improved, traffic management can be improved, energy efficiency can be improved, and safety and security can be improved. 
 

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The global IoT in smart cities market has witnessed significant growth over the past decade, due to growth in the deployment of connected and smart technologies, increase in government initiatives and smart city projects, and sustainability and resource optimization. However, high initial investment while implementing IoT systems is a major factor hampering the growth of the market. Furthermore, an increase in implementation of 5G technology, and citizen engagement and co-creation will create lucrative opportunities in the upcoming years. 
 
IoT in smart cities is the application of smart technology and connected devices to gain real-time data of the external environment across the smart city. The growing urbanization and increasing demand for efficient infrastructure in metropolitan cities are expected to boost market growth. In addition, the growing need for energy-efficient resources, waste management, traffic management, public safety, and security is likely to surge the demand for IoT in smart type of cities. Moreover, increasing penetration of the internet, rapid adoption of smartphones, and growing 5G infrastructure are supporting the implementation of IoT in the smart cities. Further, IoT is playing a growing role in healthcare and wellness initiatives in smart cities. Remote patient monitoring, telemedicine, and wearable health devices enable more accessible and efficient healthcare services, improving the well-being of residents. 
 
 

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COVID-19 Scenario: 
 
The pandemic accelerated the digital transformation efforts of cities. IoT solutions have played a crucial role in enabling remote monitoring, contactless services, and data-driven decision-making to mitigate the spread of the virus. 
The healthcare sector within smart cities witnessed a surge in IoT adoption. Remote patient monitoring, contact tracing, and real-time health data collection became crucial in the fight against COVID-19. IoT devices and sensors were deployed in hospitals and healthcare facilities to track patient vital signs, manage medical supplies, and optimize healthcare resource allocation. In addition, the pandemic reinforced the value of data-driven decision-making. Smart cities invested in IoT platforms and analytics tools to collect and analyze data for better pandemic response, and these capabilities are now being applied to various aspects of urban management. 
 
Based on region, North America held the major share in 2022, accounting for nearly two-fifths of the global IoT in smart cities market revenue. This is due to continuous urbanization, with a significant portion of its population residing in cities. This trend is pushing cities to adopt IoT solutions to enhance urban services, improve resource management, and address the challenges associated with urban growth. On the other hand, the Asia-Pacific region is expected to maintain its dominance during the forecast period. The same region would also showcase the fastest CAGR of 24.4% from 2023 to 2032. Owing to growing awareness and demand for smart buildings and space solutions in highly populated areas are driving the demand for this technology in smart cities in Asia Pacific. 
 
Leading Market Players: - 
Cisco Systems, Inc.         

IBM Corporation         

Siemens AG         

Microsoft Corporation         

Huawei Technologies Co., Ltd.         

Schneider Electric         

Intel Corporation        

SAP SE      

Hitachi Ltd.        

Oracle Corporation     

Ericsson 
 

Drivers 

Emphasis on Better Quality of Life  

People around the world are focusing on improving their standard of living and quality of life, which is boosting the adoption of novel technologies. Smart cities help people with just that by providing a better environment to live in and thrive. This high demand for better quality of life is expected to drive internet of things (IoT) in smart cities market growth.   

High Investments by Governments in Smart City Projects  

Governments around the world are investing heavily in the development of new smart city projects and initiatives to provide their citizens with a better life. Improved public services and optimized urban settings can be established through smart cities thereby favoring market development.  

Restraints  

Lack of Standardization  

IoT solutions for smart city applications are not yet standardized and this creates a lot of interoperability issues. These interoperability issues due to lack of standardization are estimated to impede the use of IoT technologies in smart cities going forward.   

Network and Infrastructure Issues  

Smart cities require robust technological and network infrastructure to function efficiently. While this is possible to develop in developed countries, the complete absence of the same in developing and underdeveloped economies is projected to slow down internet of things (IoT) in smart cities market growth potential in the future. 

The report provides a detailed analysis of these key players of the global IoT in smart cities market. These players have adopted different strategies such as partnerships, product launches, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.