MarketsandMarkets estimates the global IoT in Smart Cities Market to grow from USD 51.96 billion in 2015 to USD 147.51 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 23.20%. IoT in smart cities refer to the modern human settlements with smarter utilization and deployment of the available resources. This market is related to economic stability and efficient usage of natural resources to provide smart investments in human and social capital, along with transportation and modern communication infrastructures to improve the overall quality of life of the citizens.
The data management solution is expected to have the largest market share in the IoT in smart cities market. The data management solution helps to manage and harness the IoT data generated from smart devices. It encompasses the analytics capabilities to effectively handle the bulk data and derive various useful patterns which help the floor managers direct their attention and resources to the right place.
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The device management platform in the IoT in smart cities market is expected to be the highest contributor to the market among the platforms. The device management platform assists organizations in managing, tracking, securing, and sustaining the abundant devices that are used in the organization. It also helps to manage the devices’ content, configuration of devices, and help in policy and compliance management.
System integration services are expected to have the largest market share during the forecast period. System integration services help companies collect and analyze data with respect to operations, to enhance the decision making process, increase efficiency, and reduce costs. It also enables measurement, monitoring, and management of all smart cities operations in real-time. Integration services help connect several applications of IoT in smart cities, such as transportation, infrastructure management, building automation, energy management, and intelligent cities services.
North America is estimated to hold the largest market share followed by Europe, whereas APAC is expected to be the fastest-growing region. System integration services are expected to grow at the highest CAGR during the forecast period.
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Technological giants such as Bosch Software Innovation, Cisco Systems Inc., Huawei Technologies, Intel Corporation, IBM Corporation, Schneider Electric, and SAP have created leading IoT smart cities solutions and applications to cater to the needs and demands of the market. These players have adopted various growth strategies with partnerships, agreements, and joint ventures, along new product launches, as the key growth strategies. Partnerships, agreements, and joint ventures have been a major strategical trend, accounting for almost half of the market share of all the growth strategies adopted by the major market players.
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