“âIncreasing demand for intelligent cities and IoT devices is expected to drive the Internet of Things (IoT) in smart cities marketâ
The IoT in smart cities market size is estimated to grow from USD 51.96 billion in 2015 to USD 147.51 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 23.2%. North America is expected to hold the largest market share and dominate the IoT in smart cities market in 2015. Also, the market size in North America is expected to decrease slightly during the forecast period as most of the IoT in smart cities projects funded by American Recovery and Reinvestment Act (ARRA) 2009 for investor- owned larger energy and utilities in the U.S. are expected to reach completion by early 2018. The IoT in smart cities solutions segment is expected to have the least growth rate during the forecast period. Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The inadequate financial incentives for transportation and energy management, utilities, interoperability, and security issues are a few pivotal factors hindering the growth of the IoT in smart cities in the APAC region.
âData management solutions sub segment holds the most promising potential for the next five years
Data has become a crucial element in every sector and managing it is of utmost importance to understand the pattern and develop logical insights out of it. Companies such as IBM, SAP, and Siemens are developing solutions under data management to provide various sectors with ease of information for future decisions. With the increasing number of connected devices, the amount of data is also increasing across the smart cities which include transportation, infrastructure management, building automation, energy management, and intelligent cities services. Therefore, to manage this data, cities require software that features analytics to easily handle this data and derive various useful patterns. IoT data in smart cities is also used in predictive maintenance as machines and sensors produce data that helps floor managers to direct their attention and resources to the right place.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up of profiles of the primary discussion participants is given below.
â¢ By Company: Tier-1 (35%), Tier-2 (45%), and Tier-3 (20%) companies
â¢ By Designation: C-level (35 %), Director Level (25 %), and Others (40%)
â¢ By Region: North America (45 %), Europe (20%), Asia-Pacific (APAC) (30%), and Rest of World (5%)
The IoT in smart cities has been segmented by solution, platform, technology, and service. The availability of cloud deployment options for IoT in smart cities has further boosted the demand for IoT in smart cities solutions across transportation, energy management, infrastructure management, intelligent cities services, and building automation.
The various key IoT in smart cities vendors profiled in the report are as follows:
1. Bosch Software Innovation Gmbh
2. CISCO Systems, Inc.
3. Huawei Technologies Co., Ltd
4. Intel Corporation
5. IBM Corporation
6. Harman International Industries (ADITI TECHNOLOGIES)
7. Enevo Oy Technologies
8. Infineon Technologies AG
9. Symantec Corporation
10. Schneider Electric Software, Llc.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the IoT in smart cities market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub segments across different verticals and regions.
2. The report helps the stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, mergers, and acquisitions.
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