CHIKAGO, January 5, 2022 / PRNewswire / – According to a research report “IoT in smart cities Market by Offer, Solution (Remote Monitoring, Network Management and Reporting and Analysis), Service, Application (Smart Transport, Smart Building and Smart Services) and Region – Global Forecast by 2026 “, published by MarketsandMarkets ™, the global size of IoT in smart market cities to grow $ 130.6 billion in 2021 to $ 312.2 billion by 2026, with a compound annual growth rate (CAGR) of 19.0% over the forecast period.
Various factors such as increased IoT technology adoption for infrastructure management and city monitoring and the exponential growth of the urban population are expected to drive IoT adoption in smart city solutions and services.
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In a short time, the COVID-19 outbreak has affected markets and customer behaviors and significantly impacted economies and societies. Healthcare, telecommunications, media and entertainment, utilities and government verticals operate day and night to stabilize conditions and facilitate prerequisite services for each individual. The telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries in the midst of the COVID-19 pandemic.
According to Fujitsu Global Transformation Global Survey, offline organizations suffered the most, while online organizations saw increased online demand and revenue growth. 69% of business executives from online organizations have shown that they have witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a decrease in revenue.
Innovative IoT-based smart city solutions, which can be effectively combined with big data, analytics, cloud, security and network connectivity, are witnessing massive demand from various sectors. Adoption of IoT technology in smart city applications, such as intelligence services and smart citizen services, is expected to increase IoT adoption in smart cities during the pandemic as regulatory authorities of different countries are mainly focused on monitoring health and safety. and living. the standards of their citizens. To meet the need to manage IoT devices across different cities, IoT solution vendors need to improve the management capabilities of their platforms.
The settlement segment will maintain a larger market size during the forecast period
IoT solutions for smart cities are at the forefront of technologically enabled changes that form a smart city paradigm. IoT in smart cities makes infrastructure safer, reduces the rate of criminal activity, and leads to an equal society, with citizens wanting to get better services and officials striving to make utilities economically viable.
IoT solutions in smart cities can be described with the help of seven key parameters, such as location analytics, network security, application security, real-time IoT in smart cities, network bandwidth management, monitoring system remote and data management.
Reporting and analytics solution segment to calculate the highest CAGR during the forecast period
Reporting and analytics tools enable organizations to utilize all dimensions of data, harness the power of geospatial dimensions, and better understand interactions and results in better representation through tables and reports. Reporting and analytics solutions are essential to enable authorities to make evidence-based decisions. It leads to a better understanding of key business metrics, turning location data and spatial analytics into valuable information for organizations. Most analytics solutions in the industry aid in processing technology to enable applications to integrate with data transmission and to quickly generate data extracted from multiple sources in real time. These analytics solutions are capable of fraud detection, customer relationship management (CRM), privacy protection services, and reliable analysis of data-generated IoT devices.
Professional services segment to maintain a larger market size during the forecast period
Professional services are services provided by professionals, specialists or experts to support business operations. The professional services segment is categorized into three segments: system deployment and integration, consulting and support and maintenance services. Key drivers for increasing demand for the professional IoT services segment include a growing trend of adopting professional IoT services to reduce Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) and the demand for highly customized IoT services in the industrial and of transport. Moreover, there is an increase in the adoption of digital transformation services in various sectors, such as transport, utilities, buildings and others. These professional services are required during and after the implementation of IoT systems in organizations. Service providers deploy the latest IoT technology to improve operational performance and gain a smarter enterprise.
Intelligent transport application segment to have a higher CAGR during the forecast period
IoT appears as the game change in the field of transport. There are extensive applications in transportation. From increasing safety to improving driving experience, it plays a key role in the transport sector. Many countries around the globe are focusing on improving transport infrastructure, as this sector has a direct impact on the country’s GDP. Transport-related software and applications are gaining traction. The IoT in the smart city market is still in its infancy and can be defined as interconnected devices that transport solution providers and the IoT use to gain more visibility into transport and other related components, such as traffic management and parking.
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APAC maintain the highest CAGR during the forecast period
Asia Pacific is an emerging IoT in the Smart Cities Market. China, Japan, and Singapore are the main countries contributing to market growth in the region. Asia Pacific it also houses other large economies, such as Australia, South Korea, and India. Japan and China are among the largest manufacturing economies producing automobiles, information technology products and electronic products. The IoT paradigm in the smart cities market has changed significantly with the growing popularity of advanced technologies like AI and big data analytics.
Leading retailers in the world Iot in the market of smart cities, IBM (USA), Cisco (USA), Intel (USA), Huawei (China), Microsoft (USA), Tech Mahindra (India), Siemens (Germany), Honeywell (USA), Bosch (Germany), PTC (USA), Schneider Electric (France), ARM (England), Quantela (USA), Hitachi (Japan), Sierra Wireless (Canada), Youon (China), SAP (Germany), Deutsche Telekom (Germany), Confidex (finland), Verizon (USA), AGT International (Switzerland), Takadu (Israel), Optibus (Israel), Enevo (USA), Signify (Netherlands), FlamencoTech (India), AppyWay (MB).
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