The market size of Internet of things (IoT) in smart city projects is estimated to grow to $147.51 billion by 2020 from $51.96 billion in 2015 — at a Compound Annual Growth Rate (CAGR) of 23.2 percent. Demand for intelligent cities and IoT devices are driving the IoT market for smart city projects, according to a telecom research report published by MarketsandMarkets. The report noted that there are more than 200 smart city projects across the globe. Advancement in IoT technologies, cloud-based platforms, and services are marked with increasing IoT application and has led to significant investment in smart cities.
It is an encouraging news for India also as our government is very much focussed to develop 200 smart cities. We are well tuned with the technology.