The number of Internet of Things devices used to spark the “smart” in smart cities is projected to surge six-fold in the next decade, according to a new forecast from market research firm IHS Markit.
Shipments of devices like sensors and nodes that detect pedestrians and traffic and measure water and air pollution are expected to hit 202 million devices globally this year, then grow to 1.4 billion by 2026, IHS Markit said in a report released Thursday.
“The smart city market continues to grow, presenting great opportunities for all players, despite its current fragmented state,” said the report’s author, Pablo Tomasi, a senior analyst in smart cities and IoT at IHS Markit.
By “fragmented,” Tomasi referred to the wide range of projects being developed worldwide as well as the variety of technologies, market segment players and city services being provided.
“Smart cities are home to many projects with diverse scopes and sizes across various verticals, although pilot projects remain common as the market continues to test solutions, models and results,” Tomasi said.
His view lines up with what analysts at IDC, Gartner and other firms have seen. At Mobile World Congress (MWC) in February, a number of large vendor companies displayed smart city products and services. Executives for those companies openly conceded that the market has been slow to take off, even though there has been a burst of growth in the past year.