IoT smart cities market to be $147.51B by 2020, says report

IoT smart cities market to be $147.51B by 2020, says report

In its latest report, market research firm MarketsandMarkets estimates that the IoT market in smart cities will grow from $51.96 billion in 2015 to $147.51 billion by 2020, at an estimated CAGR of 23.2% during the forecast period.
By eeNews Europe

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The major growth drivers of this market include increasing demand for intelligent cities globally and the rising demand for IoT devices. More than 200 smart city projects across the globe provide huge opportunities in this market for IoT vendors, service providers, platform providers, and consulting companies.

The smart city has grown considerably over the past few years and the emergence of disruptive technologies such as IoT and connected devices has further augmented the opportunity areas for IoT in smart cities. The advancement in IoT technologies and cloud-based platforms has led to significant investment in smart cities.

The development of smart devices such as smart meters, home gateways, smart appliances, and smart plugs would also act as an opportunity for the IoT in smart cities market. Government policies, privacy and security issues, inadequate financial incentives for utilities and interoperability and standard interface are the major restraints of the overall growth of this market.

The IoT in smart cities market has been segmented into solutions, services, technologies, platforms, and applications. The data management and location analytics solution sub segment is projected to grow at a high growth rate and present good market opportunity during the forecast period.

System integration services hold a major share in the IoT smart cities services segment. The increasing integration of ICT and IoT with different industries is considered as the primary driver influencing the growth of the IoT in smart cities services market.

According to the market research firm, North America is expected to hold the largest market share and dominate the IoT in smart cities market from 2015 to 2020, with the growing number of smart city projects and increasing grants from the U.S. government. Asia-Pacific and Middle East and Africa offer potential growth opportunities due to large-scale infrastructure development and growing number of smart city projects.

The major vendors covered in the report include Bosch Software Innovation, Cisco Systems Inc., Huawei Technologies, IBM Corporation, Intel Corporation., Schneider Electric, SAP SE, Symantec Corporation, ThingWorx, and Verizon Communications.

See the full report: "Internet of Things (IoT) in Smart Cities Market by Solutions (Remote Monitoring, Data Management) Platform (Application & Device Management) Application (Building Automation, Energy Management, Transportation) – Global Forecast to 2020."

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