(Credit: Pixabay)The Internet of Things in the smart cities market is expected to see massive growth driven by the demand for smart systems and connected technologies.
Smart cities enhanced by the Internet of Things (IoT) platforms are driven by growing initiatives to improve the sustainability and efficiency of buildings and water systems, and the need to lower materials and carbon footprints. The market is estimated to be worth $555.7 billion by 2030 with a CAGR of more than 19%, according to Polaris Market Research.
Technologies such as data communications, artificial intelligence, and cloud networks are also helping drive the market and smart city development, according to the report. The increased adoption of advancing technologies, along with improved connectivity, has resulted in smart city ecosystem remodeling.
Polaris Market Research says smart systems across industries, including buildings and utilities are using smart systems to improve operations.
Transportation is also helping to drive growth in the IoT smart cities market. More areas are boosting their transportation infrastructure, and associated smart platforms and software are gaining traction there.
The report finds that growing government investment, both on local and federal levels, to develop more efficient infrastructure has helped with the IoT smart cities market growth. It says Singapore, for example, is installing solar panels on 6,000 buildings and plans to have intelligent lighting for every public road.
In the United States, Honeywell and Duke Energy are developing energy platforms to help implement smart cities. Cities such as Las Vegas are using technology like digital twins to make their buildings more efficient and lower emissions, and Toyota is developing an entire sustainable community in Japan called Woven City.
Overall, technology aimed at smart cities is expected to be valued at $1.7 trillion by 2042, according to another report by IDTechEx.
Schneider Electric, Intel, Cisco, Deutsche Telekom, Hitachi, Honeywell, Huawei, IBM, ARM, Microsoft, SAP, Siemens, Tech Mahindra, Bosch, and Verizon are listed as key market players by Polaris Market Research.
The worldwide market is led by North America, although Asia-Pacific is expected to see the greatest annual growth over the forecast period. The IoT smart cities market was worth $130 billion in 2021.
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