The global smart city platformmarket size reached US$ 22.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 158.5 Billion by 2028, exhibiting a growth rate (CAGR) of 36.3% during 2023-2028.
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 platformmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on platform type, deployment mode and application.
Breakup by Platform Type:
Connectivity Management Platform
Device Management Platform
Data Management Platform
Security Management Platform
Breakup by Deployment Mode:
Breakup by Application:
Breakup by Region:
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.
Base Year of the Analysis
Platform Type, Deployment Mode, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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
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Key Questions Answered in This Report
The global smart city platform market was valued at US$ 22.6 Billion in 2022.
We expect the global smart city platform market to exhibit a CAGR of 36.3% during 2023-2028.
The rising adoption of smart cities, along with the introduction of new generation smart city platforms, which offer real economic benefits and the potential to improve the quality of life of citizens, is primarily driving the global smart city platform market.
The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of smart city platforms, owing to the increasing digital dependency through IoT and automation solutions for remote asset monitoring, performance management, decision support, etc., during the lockdown scenario.
Based on the platform type, the global smart city platform market has been segregated into connectivity management platform, integration platform, device management platform, data management platform, and security management platform. Among these, connectivity management platform currently holds the largest market share.
Based on the deployment mode, the global smart city platform market can be bifurcated into on-premises and cloud-based. Currently, cloud-based exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global smart city platform market include 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.
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