The demand for IoT (Internet of Things) services has surged globally at a faster rate in the last few years. The adoption of innovative technologies based on IoT platforms and augmenting the incorporation of IoT services has impelled the demand in this market. Furthermore, the increasing government initiatives for smart cities are considered as a major factor for the growth of this market.
The implementation of advanced technologies and its integration in most of the sectors has developed at a noteworthy rate in the last few years. Nowadays, customers are more inclined toward using advanced technologies, which is acting as a vital growth driver for this market. The administrations across developing and developed regions are now contemplating building smart cities therefore, growing the demand considerably in this market. In addition, the implementation of IoT services aids in offering better and advanced security solutions & monitor assets from distant locations. Considering all the factors, there are profitable growth opportunities in this market that will flourish the market’s growth in the upcoming years.
The deployment of IoT for smart city projects needs mutual efforts from several stakeholders, like telecom operators, service providers, infrastructure providers, public sectors, manufacturers, and user groups. The PPP (Public–Private Partnership) model is the most supported model by administration authorities globally to advance the smart cities initiatives. It facilitates the private sector firms to contribute to the government’s smart city programs for deploying and sponsoring the projects. For example, Kansas City collaborated with Sprint, ThinkBig, and Cisco on a smart city program, which focuses on transforming the city into the most connected city globally and allure the innovation, technology, and entrepreneurial community.
The low latency and high speed of 5G networks makes it ideal for IoT in smart cities. The next-generation wireless networks will be a vital weapon for the successful implementation of IoT, particularly in smart cities. Regulations to back research & development and commercialize 5G have been made globally, which will aid to surge the IoT usage. For instance, China is planning to adopt the 5G technology for a huge amount of life-changing applications and to facilitate IoT in smart cities.
The global market is extremely competitive as the market contenders are having competitive antagonism among themselves; they all are investing huge amounts in research & development for advancing better and reliable smart products. In February 2018, Honeywell revealed its new smart building technology, which interconnects building personnel by data analytics to aid in driving operational developments and efficiencies. And in January 2018, Siemens Building Technologies division announced a dust sensor that can be used in buildings for a healthy indoor climate. This sensor can be utilized to track & visualize particle pollution and is trouble-free to incorporate into building management systems.
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