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The Latin America, Middle East and Africa IoT in Smart Cities Market would witness market growth of 22.5% CAGR during the forecast period (2021-2027).
Artificial Intelligence (AI) combined with the Internet of Things (IoT) is continuing to open up new possibilities in cities, such as driverless vehicles, adaptive energy systems, and even smart healthcare. One of the main problems limiting the growth of the smart cities industry is security concerns about the deployment of smart devices in cities. Smart city systems, like any other connected technology, rely on networks for data transfer and are thus subject to hacking.
Smart cities, with the help of IoT, must have three characteristics: they must be instrumented, interconnected, and intelligent. Only then, a feasible and reliable Smart City can be constructed by integrating all of these intelligent elements. The rapid expansion of Smart City and Internet of Things applications has created a slew of scientific and engineering issues that necessitate creative research from academia and business, particularly for the development of efficient, scalable, and dependable Smart Cities based on IoT.
The Middle East and Africa are leading the way in smart city projects by steadily adopting the internet of things. Various government and technology-providing companies are collaborating in the region to provide smart city solutions in various countries. For example, in 2018, Technology Strategies Middle East completed the smart city project in Abu Dhabi, UAE, in collaboration with Software AG and Cumulocity IoT as a platform supplier.
Curitiba has been designated as Brazil's most connected and intelligent city. In addition, Curitiba pioneered the first Bus Rapid Transit (BRT) system in 1974, a network of bus routes that transformed how inhabitants moved around the city. The city also provides free internet connection in public locations to its people. Curitiba is working on projects like Fab Labs, urban farms, city navigation apps, and innovation clusters. Curitiba is pushing a smart city movement in order to create an innovative environment that will encourage smart solutions that are in line with the SDGs' implementation. Therefore, these factors are anticipated to expedite the growth of the regional market during the forecasting period.
The Brazil market dominated the LAMEA IoT in Smart Cities Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6.8 billion by 2027. The Argentina market is poised to grow at a CAGR of 23.2% during (2021 - 2027). Additionally, The UAE market would exhibit a CAGR of 22.2% during (2021 - 2027).
Based on Component, the market is segmented into Solution and Services. Based on Solution Type, the market is segmented into Remote Monitoring, Data Management, Security, Real-time Location System, Reporting & Analytics, and Network Management. Based on Services type, the market is segmented into Professional Services and Managed Services. Based on Application, the market is segmented into Smart Citizen Services, Smart Building, Smart Transportation, and Smart Utilities. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Schneider Electric SE, Siemens AG, Microsoft Corporation, Intel Corporation, Hitachi, Ltd., Tech Mahindra Limited, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Robert Bosch GmbH, and Honeywell International, Inc.
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