The global smart city platform market reached a value of US$ 14.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 114.91 Billion by 2027, exhibiting a CAGR of 38.50% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
Smart cities comprise systems, such as smart lighting, building automation, security and access control, emergency management, intelligent grids, renewable power, water treatment and supply, and transportation. These systems are utilized by smart city platforms to help integrate information from these disparate systems into a unified whole and provide a holistic view of the overall performance and state of the city and its various functions. Smart city platforms can be deployed in a private, public, or hybrid cloud via a remote server or on-premises for analytics, remote asset monitoring, performance management, decision support, and presentation components.
Smart City Platform Market Trends:
- At present, there is a rise in the need for sustainable infrastructure on account of the expanding global population and rapid urbanization. This is boosting the adoption of smart cities worldwide, which, in turn, is driving the demand for smart city platforms across the globe. In line with this, governing agencies of different economies are implementing favorable policies and regulations to deploy cloud-based services and facilitate their smart city initiatives. Apart from this, the massive amounts of data generated with the rising adoption of the Internet of Things (IoT) and artificial intelligence (AI) technologies are offering lucrative opportunities for the applications of smart city platforms. These platforms provide context to convert the data generated into actionable, contextualized information that can be used to reduce energy consumption and operational costs. Furthermore, the new generation of smart city platforms offers real economic benefits and the potential to improve the quality of life of citizens while enhancing the natural environment. This is anticipated to influence the market positively in the next few years.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global smart city platform market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on platform type, deployment mode and application.
Breakup by Platform Type:
- Connectivity Management Platform
- Integration Platform
- Device Management Platform
- Data Management Platform
- Security Management Platform
Breakup by Deployment Mode:
Breakup by Application:
- Smart Mobility/Transportation
- Smart Security
- Smart Utilities
- Smart Governance
- Smart Infrastructure
- Smart Healthcare
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
- The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon Web Services Inc. (Amazon.com Inc.), Cisco Systems Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NEC Corporation (AT&T Inc.), Oracle Corporation, SAP SE, Siemens AG and Telefonaktiebolaget LM Ericsson.
Key Questions Answered in This Report:
- How has the global smart city platform market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart city platform market?
- What are the key regional markets?
- What is the breakup of the market based on the platform type?
- What is the breakup of the market based on the deployment mode?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart city platform market and who are the key players?
- What is the degree of competition in the industry?