The Smart City Platforms Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Smart City Platforms Global Market Report 2024, The smart city platforms market size has grown rapidly in recent years. It will grow from $176.32 billion in 2023 to $199.86 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to urbanization and population growth, increasing demand for efficient public services, government initiatives and funding, environmental sustainability concerns, advancements in Internet of things (IoT) technology.
The smart city platforms market size is expected to see rapid growth in the next few years. It will grow to $316.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to integration with 5G networks, focus on resilience and disaster management, citizen engagement and participation, expansion of data analytics and predictive insights, public-private partnerships (PPPs). Major trends in the forecast period include open data initiatives and interoperability, resilience and disaster management integration, smart infrastructure development, public-private partnerships for implementation, artificial intelligence for predictive analytics.
Growing urbanization is expected to propel the growth of the smart city platforms market going forward. Urbanization refers to the process by which many people permanently assemble in comparatively small regions to establish cities. It occurs because people move from rural areas to urban areas. Smart city platforms are used for improving urban area management and quality of life for citizens. Rapid urbanization will require smart city platforms, which will propel market growth. For instance, according to the UN, a US-based organization that maintains international peace and security, around 2.5 billion more people will be living in cities by 2050. The number of urban dwellers expected to be added to the population by 2050 is around 292 million in China and 212 million in Nigeria. For another instance, according to the World Bank, a US-based international financial institution, the US urban population increased by 0.37% from 274,032,053 in 2020 to 275,050,303 in 2021. Therefore, the growing urbanization is driving the growth of the smart city platforms market.
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The smart city platforms market covered in this report is segmented –
1) By Offering: Platforms, Services
2) By Deployment Model: On Premise, Cloud
3) By Delivery Model: Offshore, Hybrid, Onshore
4) By Application: Smart Infrastructure, Smart Governance and Smart Education, Smart Energy, Smart Mobility, Smart Healthcare, Smart Buildings, Other Applications
Major companies operating in the smart city platforms market are developing innovative products with advanced technologies, such as the citizens broadband radio service (CBRS), which is a 150 MHz wide broadcast band in the 3.5 GHz band (3550 MHz to 3700 MHz) in the United States. For instance, in November 2022, Hitachi, a Switzerland-based energy industry company, launched the TRO610 cellular router, which was developed specifically to serve industrial internet of things (IoT) applications for utilities, smart cities, oil and gas, manufacturing, and mining activities. The TRO610 offers cutting-edge communications and cybersecurity, providing state-of-the-art, purpose-built support for industrial IoT applications.
The smart city platforms market report table of contents includes:
- Executive Summary
- Smart City Platforms Market Characteristics
- Smart City Platforms Market Trends And Strategies
- Smart City Platforms Market – Macro Economic Scenario
- Global Smart City Platforms Market Size and Growth
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- Global Smart City Platforms Market Competitive Benchmarking
- Global Smart City Platforms Market Competitive Dashboard
- Key Mergers And Acquisitions In Smart City Platforms Market
- Smart City Platforms Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Alphabet Inc.
- Microsoft Corporation
- Alibaba Group Holding Limited
- AT&T Inc
- Dell Technologies Inc.
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