The global IoT in smart cities market size was US$ 125.9 billion in 2021. The global IoT in smart cities market is forecast to grow to US$ 561.1 billion by registering a compound annual growth rate (CAGR) of 18.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market
The growing number of projects for smart cities will primarily drive the demand for IoT in the smart cities market. Furthermore, rising initiatives by government bodies to improve infrastructure and transform cities into smart cities will fuel the growth of the global IoT in the smart cities market during the forecast period. For instance, the American Society of Mechanical Engineers published an article in February 2020, which stated that the Singapore government has started the use of solar panels installed on rooftops of 6,000 buildings. Furthermore, Norway also unveiled its plans to establish a sustainable smart city near Oslos airport. This smart city will be built on 260 acres of land. Thus, such initiatives are expected to benefit the market during the forecast period.
The rising demand for smart security solutions, like the Perimeter Intrusion Detection System (PIDS), aimed at protecting the boundaries of the region, will also contribute to the growth of the global IoT in the smart cities market during the forecast period. In addition, the increasing need for efficient energy management solutions to decrease the consumption of non-renewable resources will also benefit the IoT in the smart cities market. The fact that IoT technology offers better control and monitoring facilities will propel the growth of the market. In addition, these solutions cut down carbon emissions and also provide efficient optimization and planning, which will escalate the growth of the IoT in the smart cities market.

COVID-19 Impact Analysis
The outbreak of COVID-19 has slowed down the investments in smart city projects. Governments focus also shifted towards healthcare, which affected the global smart cities market. As a result, it impeded the growth of the IoT in the smart cities market. In addition, the shortage of workforce, logistics, production, and distribution chain, further affected the global IoT in the smart cities market. However, IoT has helped the healthcare and aerospace industry in offering efficient services with safety. For instance, IoT technology can guide people in finding unoccupied beds. Thus, such advancements have been beneficial for the global IoT in smart cities market.

Regional Analysis
North America is expected to dominate IoT in the smart cities market due to the early adoption of smart technologies in the region. Furthermore, growing findings in R&D activities will also contribute to the growth of IoT in the smart cities market. 5G infrastructure and rising adoption of edge computing will benefit the IoT in smart cities market during the study period. Furthermore, growing digitalization will escalate the growth of this regional IoT in smart cities market during the study period.

Competitors in the Market
ARM
Bosch
Cisco
Deutsche Telekom
Hitachi
Honeywell
Huawei
IBM
Intel
Microsoft
SAP
Schneider Electric
Siemens
Tech Mahindra
Verizon
Other Prominent Players

Market Segmentation
The global IoT in smart cities market segmentation focuses on Offering, Application, and Region.
By Offering
Solutions
o Remote Monitoring
o Real-time Location System
o Data Management, Reporting & Analytics
o Security
o Network Management
Services
o Professional Services
o Managed Services
By Application
Transportation
Building
Utilities
Citizen Service
o Education
o Healthcare
o Public Safety
By Regional Outlook
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America