Smart city projects, surveillance drive IoT growth — GCN
Internet-of-things technologies dedicated to public safety are booming, as governments look to integrate real-time monitoring, advanced analytics and improved decision making into their departments, according to recent market forecast.
The global market — an amalgam of internet-connected devices, services and supporting software — is currently valued at around $979 million, with more than half of that in North America. Growth from smart city projects and the use of connected surveillance systems is expected to push the market to more than $2 billion by 2023.
Other drivers include the increased adoption of machine learning that can sort through and understand real-time information from IoT sensors and the growth in autonomous systems that will benefit from more roadside technology. Use of IoT technology for disaster mitigation and recovery is expected to be of increasing importance, according to a statement by the industry analyst MarketsandMarkets.