Austin, Feb. 25, 2025 (GLOBE NEWSWIRE) -- IoT in Smart Cities Market Size & Growth Insights:
According to the SNS Insider,“The IoT in Smart Cities Market Size was valued at USD 195.18 Billion in 2023 and is expected to reach USD 952.69 Billion by 2032 and grow at a CAGR of 19.3% over the forecast period 2024-2032.”
This market is driven by increasing adoption rates, technological innovation, investment trends and governmental policy initiatives. Industry developing trends are represented by development of infrastructure, smart city initiative and partner with technology companies and municipalities. IoT usage is prevalent across several sectors, such as transportation, energy, healthcare and public safety, improving operational efficiency and urban governance. Market growth is driven by several factors, including the shift in consumer behavior, sustainability initiatives, and security concerns. Cybersecurity Risks and Data Privacy Challenges: As more and more cities around the world adopt IoT-enabled solutions to enhance urban living, the challenges of cybersecurity risks and data privacy are ever pressing issues that must be addressed. With the investments in AI, cloud computing, and edge analytics, the adoption of smart city solutions is accelerating due to the ability to harness resources efficiently while minimizing costs. The market’s rapid expansion underscores the need for scalable and interoperable solutions to meet growing urban demands, while regulatory frameworks and public-private partnerships continue to drive innovation and sustainable city development.
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Leading Market Players with their Product Listed in this Report are:
- Cisco Systems Inc (Cisco Kinetic for Cities, Cisco Connected Traffic Solutions)
- IBM Corporation (IBM Watson IoT for Smart Cities, IBM Maximo)
- Huawei Technologies Co. Ltd (Huawei Smart City Solution, Huawei OceanConnect IoT Platform)
- Intel Corporation (Intel IoT Platform, Intel IoT Gateway)
- Microsoft Corporation (Azure IoT, Azure Digital Twins)
- Robert Bosch GmbH (Bosch IoT Suite, Bosch Smart City Mobility)
- PTC (ThingWorx, Vuforia)
- Siemens AG (Siemens City Performance Tool, Siemens Smart Infrastructure)
- Verizon Communications (Verizon Smart Communities, Verizon Thingspace)
- Honeywell International Inc. (Honeywell Smart Building Solutions, Honeywell Connected Services)
- Hitachi Ltd. (Hitachi Smart City Solutions, Hitachi Visualization Suite)
- Arm Ltd (Arm Mbed IoT Device Platform, Arm Pelion IoT Platform)
- Schneider Electric (EcoStruxure Smart Cities, EcoStruxure IoT Platform)
- Sierra Wireless (AirVantage IoT Platform, Smart City Solutions)
- Quantela (Smart City Platform, Quantela City Cloud)
- Youon Technology Co., Ltd. (Youon Smart Parking System, Youon Intelligent Transport System)
- SAP SE (SAP Leonardo IoT, SAP Smart City Solutions)
- Deutsche Telekom AG (T-Labs Smart City Solutions, Deutsche Telekom IoT Platform)
- Confidex Ltd. (Confidex IoT Tags, Confidex Smart City Solutions)
- AGT Group GmbH (AGT Smart City Platform, AGT Smart Parking).
IoT in Smart Cities Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 195.18 Billion |
| Market Size by 2032 | USD 952.69 Billion |
| CAGR | CAGR of 19.3% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segmentation | • By Offering (Solutions [Remote Monitoring, Real-time Location System, Data Management, Reporting and analytics, Security, Network Management] Services (Professional Services [Consulting, System Integration and Deployment, Support and Maintenance] Managed Services) • By Application (Smart Transportation, Smart Building, Smart Utilities, Smart Citizen Services [Education, Healthcare, Public Safety]) |
| Key Drivers | • Government Initiatives and Investments in Smart City Infrastructure Fueling IoT Adoption for Urban Transformation and Sustainability. • Growing Trend of Urbanization Creating Opportunities for IoT Solutions to Enhance Quality of Life and Urban Services. |
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Key Industry Segmentation Analysis
By Offering, Dominance of Solutions and Rapid Growth of Services in IoT-Driven Smart Cities
In 2023, the Solutions segment led the IoT in Smart Cities market with a 64% revenue share, increased investments in smart infrastructure and technological advancements. Industry stalwarts such as Cisco, Siemens and Huawei have already made forays into next-generation solutions in the form of smart traffic management, IoT-enabled energy-efficient buildings and public safety systems as a few examples. Cisco's Digital Network Architecture and Siemens' Smart Infrastructure help cities connect, manage resources, and foster a more livable urban experience.
The Services segment is expected to grow at the highest CAGR of 20.29% through 2032, owing to the increasing requirement for cloud computing, data analytics, and network management. Organizations such as IBM and Accenture are leading this growth story with niche cloud services and advisory partnerships. With rapid IoT adoption in smart cities, services for data processing and analytics are now important for transforming massive volumes of data into meaningful insights that facilitate effective urban planning and operating. This trend indicates the increasing need for integrated solutions and service-driven innovation to enable sustainability and intelligent city development.
By Application, Smart Transportation Leads While Smart Buildings Drive Future Growth
In 2023, Smart Transportation held the largest revenue share of 33% in the IoT in Smart Cities market, driven by the demand for connected mobility solutions that ease urban transit and decrease congestion. Firms including Uber, Tesla, and Siemens are driving autonomous vehicles, traffic management, and electric mobility. Adaptive traffic signals and predictive analytics from Siemens help improve traffic flow and reduce emissions, and the IoT-powered real-time data collected from vehicle and infrastructure sensors help enhance road safety.
The Smart Building segment is projected to grow at the highest CAGR of 21.36% through 2032, owing to rising demand for energy-efficient, automated and sustainable structures. Industry players like Honeywell, Johnson Controls and Schneider Electric are building smart HVAC systems, lighting controls and energy management applications. The integration of IoT in smart buildings allows for real-time monitoring and control, resulting in energy savings, improved comfort, and lower operational costs. Both sectors will be integral in crafting Cities of the Future: smart, efficient urban environments, intersectional, technological and geographical sustainability.
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North America Leads While Asia Pacific Emerges as the Fastest-Growing Region
In 2023, North America dominated the IoT in Smart Cities market, holding approximately 42% of the global share. This leadership is driven by substantial investments in smart city initiatives, strong governmental backing, and the presence of major technology firms advancing IoT solutions. The U.S. government’s commitment to smart infrastructure and sustainability, exemplified by programs like the Smart Cities Challenge, has propelled cities such as New York and San Francisco to implement IoT-driven solutions for traffic management, energy efficiency, and public safety.
Asia Pacific is the fastest-growing region, with an estimated CAGR of 21.51%, with an increase due to rapid pacing of urbanization, supportive policies, and physical infusion of IoT technologies in countries like China, India, and Japan. Government projects such as China’s Smart Cities program and India’s Smart Cities Mission are also driving the acceleration of IoT integration within urban infrastructure, with a primary focus on smart transportation, smart waste management and energy efficiency. With urban population growth and rapid advancement of digital transformation, China and the United States will continue to both play key roles in driving the future of IoT-enabled smart city development.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Investment and Funding Trends (2023)
5.2 Energy and Cost Savings
5.3 Infrastructure Deployment (2023)
6. Competitive Landscape
7. IoT in Smart Cities Market Segmentation, by Offering
8. IoT in Smart Cities Market Segmentation, by Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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