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According to a new report, published by KBV research, The Global IoT in Smart Cities Market size is expected to reach $347.6 billion by 2027, rising at a market growth of 18.8% CAGR during the forecast period.
The Solution market acquired maximum revenue share in the Global IoT in Smart Cities Market by Component 2020; thereby, achieving a market value of $238.1 billion by 2027. Smart city IoT solutions are at the forefront of technology-enabled developments that are building a smart city paradigm. Smart cities use IoT to make infrastructure safer, reduce criminal activity, and create a fairer society, with citizens seeking improved services and the government working to make utilities economically feasible. Location analytics, network security, application security, real-time IoT in smart cities, network bandwidth management, remote monitoring system, and data management are seven essential factors that can be used to identify IoT in smart cities solutions.
The Smart Transportation segment is showcasing a CAGR of 19.6% during (2021 - 2027). In the field of transportation, the Internet of Things has emerged as a game-changer. It has various uses in the transportation industry. It plays a crucial role in the transportation sector, from improving safety to improving the driving experience. Many governments throughout the world are concentrating on improving transportation infrastructure since it has a direct impact on GDP. Transportation-related software and apps are becoming more popular. The Internet of Things (IoT) in smart cities market is still in its early stages and can be defined as interconnected devices that transportation and IoT solution providers utilize to get additional visibility into transportation and related components like traffic management and parking management.
The North America is the fastest growing region in the Global IoT in Smart Cities Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $127.9 billion by 2027. The Europe market is poised to grow at a CAGR of 17.8% during (2021 - 2027). Additionally, The Asia Pacific market would witness a CAGR of 20.8% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.