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Smart City platform Market
The global smart city platform market grows due to rising smart city adoption, government initiatives, and increasing demand for urban resource management.
WILMINGTON, DE, UNITED STATES, November 6, 2024 /EINPresswire / -- A smart city platform is a specialized solution for cities, municipalities, and nations that enables integration and analysis of infrastructure, mobility, and public safety data. This platform supports the delivery of intelligent services to the public through new communication channels, allowing citizens to receive location-based alerts, such as transit updates, marketing information, and notifications about road closures or local events.
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According to the report, the global smart city platform market size was estimated at $160.2 billion in 2021, and is anticipated to hit $708.8 billion by 2031, registering a CAGR of 16.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.
The smart city platform market is being driven by the widespread adoption of smart cities, supported by government initiatives, and a growing need for improved natural resource management in urban areas. Additionally, rising concerns for public safety and security are propelling market growth. However, security challenges, limited funding, and inadequate infrastructure hinder the market's expansion. The integration of artificial intelligence and the rise of IoT applications in smart cities are expected to create significant growth opportunities during the forecast period.
In terms of deployment, the on-premise segment currently holds the largest market share, meeting the custom monitoring and regulatory requirements of various cities. Meanwhile, the cloud segment is projected to grow rapidly due to its scalability and ease of deployment, which is likely to increase demand.
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By offerings, the platform segment contributed to more than three-fifths of the global smart city platform market share in 2021, and is expected to lead the trail by 2031. Growing need for automation and IoT applications in modern cities drives the segment growth. The service segment, however, is expected to exhibit the fastest CAGR of 17.5% from 2022 to 2031, due to the rising large-scale application of smart cities.
By application, the smart infrastructure segment garnered nearly one-fifth of the global smart city platform industry share in 2021, and is expected to retain its dominance by 2031, owing to growing demand for smart infrastructure solutions. The smart energy segment, on the other hand, is expected to exhibit the fastest CAGR of 18.9% from 2022 to 2031. This is due to the increasing need for sustainability solutions in the energy sector.
Regionally, North America led the smart city platform market in 2021 and is expected to maintain its dominance, driven by its advanced digital infrastructure, which fuels the need for smart city management. However, Asia-Pacific is anticipated to experience substantial growth, driven by rising internet penetration and increased dependence on digital media and content sources.
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Covid-19 scenario
1. The smart city platform industry saw positive growth during COVID-19.
2. Lockdowns and social distancing boosted demand for IoT and cloud solutions as people relied on digital services for daily needs.
3. Key sectors, such as transportation and energy, shifted toward smart city solutions during the pandemic.
4. Major companies increased their investments in smart city solutions and services in response to growing demand.
5. According to Forbes (January 2021), cities like Tokyo, London, New York, Shanghai, and Los Angeles are projected to generate $8.5 trillion by 2035.
6. These factors are propelling growth in the global smart city platform industry.
Key players in the industry
Quantela, Inc.
Cisco Systems, Inc.
Telefonaktiebolaget LM Ericsson
Fujitsu Limited, Fybr,
SAP SE Google LLC
Hitachi, Ltd.
Huawei Technologies Co., Ltd.
Alibaba Group Holding Limited
International Business Machines Corporation
KaaIoT Technologies, LLC
Microsoft Corporation
NEC Corporation
Oracle Corporation
Intel Corporation
Bosch GmbH
Amazon Web Services, Inc.
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The report analyzes these key players in the global smart city platform market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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