The global IoT in smart cities market size to grow from $130.6 billion in 2021 to $132.2 billion by 2026, at a Compound Annual Growth Rate of 19.0 % during the forecast period, according to ResearchAndMarkets.
The service segment in the IoT in smart cities market to have a higher CAGR. The services segment in the IoT in smart cities market is expected to grow, as major players are focused on offering services.
Through professional services, vendors offer comprehensive services by deploying the latest techniques and tools, skills, knowledge, and strategies to address the need for IoT in smart cities.
The major factors responsible for the growth of the services segment is the rising trend of adopting IoT professional services to reduce Capital Expenditure and Operational Expenditure and the demand for highly customized IoT services in the industrial and transportation sectors.
Asia Pacific is an emerging IoT in smart cities market.
The IoT in smart cities market paradigm has changed considerably with the growing popularity of advanced technologies such as AI and big data analytics.