IoT in Smart Cities Market

New product launches and product enhancements to further expand their presence in the IoT in Smart Cities Market

The IoT in smart cities market is projected to grow from USD 79.5 billion in 2018 to USD 219.6 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.5% from 2018 to 2023. The major factors driving the growth of the IoT in smart cities market are the increasing number of government initiatives and Public-Private Partnership (PPP) models for smart cities, improvements in the communication infrastructure that are brought by IoT and rising adoption of connected and smart technologies in smart cities initiatives.

The major vendors of IoT in smart city solutions and services include Cisco (US), IBM (US), Intel (US), Huawei (China), Microsoft (US), Tech Mahindra (India), Honeywell (US), Siemens (Germany), Bosch Software Innovations (Germany), PTC (US), Schneider Electric (US), ARM (UK), Quantela (US), Sierra Wireless (Canada), and  Hitachi (Japan). These players have adopted various growth strategies such as partnerships, agreements, and collaborations; and new product launches and product enhancements to further expand their presence in the IoT in smart cities market and broaden their customer base.

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Cisco is one of the leading providers of IoT solutions. The company offers a wide range of IoT solutions for smart cities. It has major stakes in various smart city projects, globally. The company provides specifically designed smart and connected solutions portfolio to various smart city projects. The company believes in offering innovative solutions to its clients. Thus, it has invested huge parts of its revenue in R&D activities. For instance, in 2017, the company’s total R&D spending accounted to USD 6.10 billion. This spending on R&D has inevitably helped Cisco Systems remain a distinguished player in the smart solutions domain.

The advancement in IoT technologies, cloud-based platforms, and services are marked with the increasing number of Machine-to-Machine (M2M) applications and has led to significant investments in smart city projects. Some of the fastest-growing markets in the world are in the Asia Pacific (APAC) region. In this region, various smart city green field projects have been going on. Therefore, Cisco has made a strategic move in this region by investing billions of dollars of revenue and has experienced bigger growth as a result of improved efficiency, reduced manufacturing costs, and favorable price mix. Moreover, the company has developed the National Engagement strategy to help governments in the digitalization process. The company also focuses on inorganic growth strategies, such as partnerships, collaborations, and agreements with technology market leaders. For instance, Cisco Systems signed an agreement with the Indonesian government for its global CDA program. This program would focus on digital governments, digital industries, digital state-owned enterprises, and cybersecurity and digital inclusions.

Intel is among the market leaders in the design and manufacturing of advanced integrated digital technology platforms. The company is well-versed with the growing demand for IoT solutions for smart cities across the globe; thus, it majorly focuses on strategies, such as partnerships and collaborations, to gain a dominant position. It has partnered with some of the leading tech giants, such as AT&T, Cisco, IBM, and Qualcomm, to help build smart connected communities. Moreover, innovation in its product portfolio and invention of next-gen technologies have helped the company in improving its market share. During 2015, 2016, and 2017, Intel invested approximately 21.9%, 21.5%, and 20.9% respectively, of the total revenue in R&D, which has enabled the company to provide innovative solutions to their clients. The company is continuously promoting its IMRS solutions. As of November 2018, Intel had successfully deployed over 102+ Intel IMRS, which offers game changing advantages. Furthermore, the company is expected to continue to merge with and acquire startup companies in the IoT domain to strengthen its position.

Related Reports:

IoT in Smart Cities Market by Solution (Remote Monitoring, Network Management, Analytics, RTLS, Security), Service, Application (Smart Transportation, Buildings, Utilities, Healthcare and Public Safety), and Region - Global Forecast to 2023

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Report Code
TC 4078
Published ON
Feb, 2019
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