Overview and Scope
Smart city platforms refer to an open technological architecture that enables towns to connect to their own current systems and is intended to share municipal information with residents or other entities who need it. They are used to promote innovation and increase cross-sectoral interoperability.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the smart city platforms market in 2023. The regions covered in the smart city platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the smart city platforms market report are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, AT&T Inc., Dell Technologies Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Schneider Electric SE, ABB Ltd, Telefonaktiebolaget LM Ericsson, Ericsson, Johnson Controls International plc, NEC Corporation, SAS Institute Inc., Advantech Co Ltd., Parametric Technology Corporation., Cubic Corporation, Cradlepoint Inc., Bosch IO GmbH, Quantela Inc.
The smart city platforms market report table of contents includes:
1. Executive Summary
2. Smart City Platforms Market Characteristics
3. Smart City Platforms Market Trends And Strategies
4. Smart City Platforms Market – Macro Economic Scenario
5. Global Smart City Platforms Market Size and Growth
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32. Global Smart City Platforms Market Competitive Benchmarking
33. Global Smart City Platforms Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart City Platforms Market
35. Smart City Platforms Market Future Outlook and Potential Analysis
36. Appendix
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