5 Key Insights from 350+ Smart City IoT Projects
Smart City IoT projects are becoming fundamental for city development. The EIP-SCC (European Innovation Partnership for Smart Cities and Communities), for example, is spending up to €1bn to develop 300 smart cities in Europe by the end of 2019. The opportunity is evident for IoT solution vendors – Smart City is now the #1 implementation area for IoT projects.
IoT Analytics recently launched its Smart City Research Series in order to provide market insights and strategic recommendations on how to engage with this complex sector. The Research Series explores different smart city applications such as:
The analysis shows that markets are growing, but at paces not necessarily comparable with other IoT sectors such as Connected Industry (CAGRs >30%). The Connected Street Lights market is expected to grow at a CAGR of 21% between 2018-2022 while the Smart Parking market is growing at a CAGR of 14% during the same period.
Considering the complex nature of Smart City IoT projects in public service areas, the growth rates are very promising. In most cases, projects are inspired by digital transformation policies of municipalities. However, as public sector organisations need to consider various city stakeholders (e.g., projects are subject to strong public accountability) the procurement process can be cumbersome and time consuming.
In this article we share 5 key insights emerging from the 350+ smart city IoT projects analysed.
- Sensor networks should be strategically designed with appropriate sensors for specific environments.
- LPWAN and 4G/5G are becoming the key connectivity choices for smart city applications.
- Software middleware tools are the central backbone to successful smart city IoT projects.
- Public-Private Partnerships (PPP) are the most dominant financial and operational modus operandi for smart city IoT projects.
- Main barriers to adoption of smart city IoT projects are not technology related.
For more details check out the full blog here.
This article builds upon IoT-Analytics’ experience in smart city IoT projects. It also heavily relies on several IoT-Analytics’ reports.
- If you are interested in Smart City IoT projects, the insights discussed in this article are based on details in the following reports:
- If you want to expand your knowledge and understanding of LPWAN technologies and their role in smart city IoT projects, you can also look at the following report:
- For a detailed analysis of IoT platforms and the IoT platform vendor landscape, please refer to the following reports:
About IoT Analytics
IoT Analytics is a leading provider of market insights and strategic business intelligence for the Internet of Things (IoT), M2M, and Industry 4.0. More than 40,000 IoT decision makers rely on IoT Analytics’ data-driven market research every month.
For continued IoT coverage and updates, subscribe to our newsletter and follow us on Linkedin and Twitter to stay up-to-date on the latest trends shaping the IoT markets. For complete enterprise IoT coverage (Corporate Subscription) with access to all of IoT Analytics’ paid content and reports including dedicated analyst time, contact us now and tell us what you are specifically interested in.