Tuesday, April 18, 2023

The Advantages and Challenges of IoT in Smart Cities: A Comprehensive Overview

 

The Advantages and Challenges of IoT in Smart Cities: A Comprehensive Overview

The Internet of Things (IoT) is the connection of everyday devices to the Internet, allowing them to send and receive data. The smart city utilizes Internet of Things (IoT) sensors in urban areas to collect data and automate systems that include energy use, traffic, and waste management. By doing this, smart cities enhance the efficiency of urban services, reduce costs, and offer a higher standard of living. A few examples of IoT devices in Smart Cities include smart energy systems, smart traffic systems, smart waste management, smart public safety, smart lighting, and others. Further, the IoT is anticipated to play a crucial role in enhancing energy efficiency and sustainability in smart cities. Additionally, the advantages of IoT in smart cities include smart parking, remote monitoring, smart traffic management, waste management, public safety, and others.

The research report released by Emergen Research offers high quality information about the global Internet of Things in Smart Cities Market which includes a market size was USD 152.85 Billion in 2022 and is predicted to reach a CAGR of 19.0% over the foreseen period. The key opportunities that the IoT provides in the smart cities market are smart waste management, smart buildings, smart transportation, smart security, and smart energy. Further, the IoT provides a vast range of opportunities for enhancing the sustainability, efficiency, and livability of smart cities. As the technology is growing rapidly, it is anticipated to see even more innovative uses of IoT in smart city applications in the approaching years.

The major factors enhancing the growth of the global Internet of Things in the Smart Cities Market include increasing demand for connected devices as the number of these devices is growing continuously. Growing urbanization is another factor propelling the growth of the industry as it leads to a boost in demand for smart city solutions. Also, rising government initiatives towards smart cities are anticipated to boost the global Internet of things in smart cities market size over the projection period. Further, environmental concerns and technological advancement are the other factors propelling the industry share and are predicted to maintain their dominance over the projection period. Additionally, the industry is anticipated to experience considerable growth over the foreseen period, as more cities accept smart city solutions and the technology continues to advance.

However, huge costs and privacy & security concerns are the major factors restricting the growth of the market. Also, limited connectivity infrastructure and the absence of interoperability standards are the other factors expected to hinder the growth of the global industry.

For instance, the Indian Government planned to invest USD 7.51 billion in 2016 to transform 100 present cities into intelligent cities. Also, as per the article published by the American Society of Mechanical Engineers in February 2020, the Singapore government initiated the deployment of solar panels installed on rooftops of 6,000 buildings and intellectual, energy-efficient lighting for every public road by 2022.

The major companies in the global IoT in smart cities market include IBM (US), Intel (US), Cisco (US), Huawei (China), Tech Mahindra (India), Microsoft (US), Siemens (Germany), Bosch (Germany), Honeywell (US), PTC (US), ARM (England), Schneider Electric (France), Quantela (US), Sierra Wireless (Canada), Hitachi (Japan), Youon (China), Deutsche Telekom (Germany), SAP (Germany), Confidex (Finland), AGT International (Switzerland), Verizon (US), Takadu (Israel), Enevo (US), Optibus (Israel), Signify (Netherlands), AppyWay (UK), FlamencoTech (India).

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