According to a new market research 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’, published by MarketsandMarkets, the market size is estimated to grow from USD 51.96 Billion in 2015, at an estimated Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period.
The market smart city has considerably grown 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, cloud-based platforms, and services are marked with increasing IoT application and 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.