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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