Author: Himanshu Patni
15 June 2022
The Smart City Platform market is expected to register an exponential CAGR over the period of 2021-2027. This is mainly because of urbanization, which is enabling growth. According to projections by the United Nations, in India, 404 million, China, 292 million, and Nigeria, 212 million urban dwellers are expected to be added to the existing populations by 2050. Also, Government initiatives and spending are also giving much more importance to platform providers as compared to standalone smart solutions because of the scalability and integration of other smart solutions. According to Consumer Technology Association, smart city Expenditure on a global scale is expected to reach USD 34.35 billion. The smart city platforms offer a Substructure for urban infrastructure, applications, services, and various city-specific functions. One of the important factors expected to drive the growth of the market in cities is giving priority to platform providers as compared to standalone smart solutions because of the scalability and integration of other smart solutions.
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Based on Offerings, the market is segmented into platform type and services. Further, the Platform type is fragmented into Connectivity Management Platform, Integration Platform, Device Management Platform, Security Platform, and Data Management Platform and Services are fragmented into professional services and managed services. Services seized the highest CAGR. The services facilitate smooth implementation, development, and maintenance of ongoing activities in organizations. Smart city platform providers assist and support customers, partners, support teams, marketing teams, and employees with individual development and training.
The Application is segmented into smart mobility/transportation, smart security, smart governance, smart infrastructure, smart healthcare, and others. Smart transportation and smart city traffic management are revolutionizing how cities approach mobility and emergency response while reducing congestion on city streets. With sensors, advanced communication technologies, automation, and high-speed networks.
Based on Deployment, the smart city platforms market is segmented into, On-premise and cloud, The cloud segment is estimated to hold most of the market size during the forecast period. The growth of the cloud segment is mainly governed by factors, such as easy deployment, flexibility, and cost-effective pricing structure. The Growing volume of data generation in websites and mobile apps, the rising focus on delivering customer-focused applications for driving customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies.
North America transpires to be the dominant market when it comes to revenue generated by developing the technology used in smart cities, Also, owing to extensive adoption of smart cities solutions, high ICT investment among government organizations, and high demand for linked solutions across the region.
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For a better understanding of the market adoption of the Smart City platform, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Mexico); Europe (Germany, Poland, Turkey, Sweden, and Rest of Europe); Asia-Pacific (China, India, Australia, Rest of Asia-Pacific), and Rest of World. North America is expected to witness the highest CAGR during the forecast period on account of the growing adaptability of technology that facilitates smart cities. These emerging economies are growing their middle-class populations in bustling urban centers, IoT Smart Cities’ technology enables the cutting-edge intelligence and flexibility necessary to help cities use resources more efficiently and improve everything, from air and water quality to mobility, energy, and communication systems. According to Smart America, the governments in the cities of the United States may invest approx. USD 41 trillion over the next 20 years to upgrade their infrastructure to leverage the benefits of the IoT. Furthermore, the region has a strong toehold of vendors, which contributes to the growth of the market studied. Some of these vendors include Microsoft Corporation, Cisco Systems Inc., GE Current, and IBM Corporation, among others.
Smart City Platform Market Segmentation
Market Insight, by Offering
Market Insight, by Application
Market Insight, by Deployment
Market Insight, by Region
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