This report provides a detailed analysis of the Internet of Things (IoT) in smart cities market from 2018 to 2023. The report discusses the industry and the technological trends prevailing in the IoT in smart cities market and examines factors that are expected to drive or challenge the growth of the market in the near future. The IoT in smart cities market is projected to grow from USD 79.5 billion in 2018 to USD 219.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.5% from 2018 to 2023. The major factors driving the growth of the IoT in smart cities market are increasing number of government initiatives and PPP models for smart cities, improvements in communication infrastructure that are brought by IoT, and rising adoption of connected and smart technologies in smart city initiatives.
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The IoT in smart cities market has been segmented based on services, solutions, applications, and regions. Based on solutions, the IoT in smart cities market has been classified into remote monitoring, real-time location system, network management, security management, data management, and reporting and analytics. The services segment has been segmented into professional services and managed services. Professional services segment is further sub segmented into consulting, system integration and deployment, and support and maintenance. Based on applications, the IoT in smart cities market has been segmented into smart transportation, smart building, smart utilities, and smart citizen services. The smart citizen services are sub segmented into education, healthcare, and public safety.
Among solutions, the remote monitoring segment is expected to lead the market during the forecast period, owing to the rising adoption of connected and smart technologies during the implementation of IoT in smart cities solutions. These services help in driving the productivity and efficiency of government services, thereby enabling governments to build a time-efficient system.
Among applications, the smart citizen services segment is projected to lead the market with respect to market size compared to other segments during the forecast period. The growth of this segment can be attributed to improvements in the communication infrastructure that are brought by IoT.
The Asia Pacific (APAC) IoT in smart cities market is projected to grow at the highest CAGR during the forecast period. This growth is primarily driven by the increasing number of government initiatives and PPP models for smart cities. Moreover, the rising adoption of connected and smart technologies in smart city initiatives in the region is also leading to the growth of the APAC IoT in smart cities market.
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