Zion Market Research has published a new report titled ‘IoT in Smart Cities Market by Component (Solution and Service), by Application (Lighting, Traffic, Utilities, Public Safety, Environmental Monitoring, and Others), and by End-User (Information and Technology, Telecommunication, Government, Automation, Energy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025’. According to the report, the global IoT in smart cities market was valued at around USD 79.3 billion in 2018 and is expected to reach approximately USD 330.1 billion by 2025, at a CAGR of slightly above 22.6% between 2019 and 2025.
The worldwide development of smart cities is trending majorly. Smart cities are formed by the integration of advanced technologies, such as geospatial technology, blockchain, Internet of Things (IoT), and artificial intelligence, among others. Internet of Things (IoT) holds prime importance as compared to other IT technologies. In smart cities, IoT provides the perfect platform for uninterrupted communication of data that is generated from smart electronic devices.
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