Building Smart Cities
According to a new market research report, the IoT (Internet of Things) market size is estimated to grow from $51.9 billion in 2015 to $147.5 billion by 2020, at an estimated compound annual growth rate of 23.2% during the forecast period. This could have an impact on how the construction industry builds “smart cities” going forward.
The report, published by MarketsandMarkets, www.marketsandmarkets.com, Magarpatta City, Hadapsar, India, says the major growth drivers of this market include increasing demand for intelligent cities globally and the rising demand for IoT devices. More than 200 smart-city projects across the globe provide huge opportunities in this market for IoT vendors, service providers, platform providers, and consulting companies.
The smart-city market has considerably grown throughout the past few years, and the emergence of disruptive technologies such as IoT and connected devices has further augmented the opportunity areas for IoT in smart cities. The advancement in IoT technologies, cloud-based platforms, and services are marked with increasing IoT application and has led to significant investment in smart cities.
The development of smart devices such as smart meters, home gateways, smart appliances, and smart plugs would also act as an opportunity for the IoT in smart cities market. Government policies, privacy, and security issues, inadequate financial incentives for utilities and interoperability and standard interface are the major restraints of the overall growth of this market.
North America is expected to hold the largest marketshare and dominate the IoT in smart cities market from 2015 to 2020, with the growing number of smart city projects and increasing grants from the U.S. government. Asia-Pacific and Middle East and Africa offer potential growth opportunities due to large-scale infrastructure development and growing number of smart city projects.
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