The North America IoT in Smart Cities Market would witness market growth of 17.2% CAGR during the forecast period (2021-2027).
In the last few years, the introduction of modern technologies and their incorporation into various sectors has increased at a rapid pace. Governments in both developed and emerging nations are now actively planning to build smart cities, resulting in a considerable increase in demand in this industry. Moreover, the use of IoT services aids in the provision of better and more advanced security solutions as well as the monitoring of assets from a remote place without the need for physical presence.
Many governments are using the Internet of Things (IoT) platforms with an aim to observe city infrastructures and manage aspects like traffic flows and parking to water and air quality. These cities are tackling long-term planning decisions focused on environmental sustainability using the generated smart data. As the world is slowly transitioning toward urbanization, more smart city initiatives and projects will emerge in the next few years.
The region is witnessing increasing number government initiatives and funding for smart city projects across the United States and Canada. For instance, A Mexican city, for example, is utilizing AT&T Control Center, an IoT platform, to effectively manage connected devices in real-time.
Some of the key trends of the regional market are rise of the overall smart device industry and technological advancements in the fields of machine learning, nanotechnology, and others. To identify new sources of renewable energy, the government has launched several energy storage initiatives in conjunction with significant stakeholders in the energy industry. For example, in May 2019, the state of Utah plans to install the 'Advanced Clean Energy Storage (ACES)' project in central Utah in collaboration with Mitsubishi Hitachi Power Systems (MHPS) and Magnum Development.
The US market dominated the North America IoT in Smart Cities Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $92.3 billion by 2027. The Canada market is exhibiting a CAGR of 19.9% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 18.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global IoT in Smart Cities Market is Estimated to reach $347.6 Billion by 2027, at a CAGR of 18.8%
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.
By Component
By Application
By Country
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