Smart City Platform Market: Current Analysis and Forecast (2021-2027)
Emphasis on Offering (Platform Type (Connectivity Platform, Integration Platform, Device Management Platform, Security Management Platform, Data Management Platform, Others) Services (Professional and Managed)); Application (Smart Mobility/Transportation, Smart Security, Smart Governance, Smart Infrastructure, Smart Healthcare, Others); Deployment (On-Premises, Cloud); and Region/Country
The major drivers for the smart city platforms growth are magnification in the adoption of customer-Focused marketing strategies, Governments favorable stance, monitory funding, and desire to lead a higher quality of life, the Rush in the adoption of Smart City Platform in multiple regions is driven by various government digital cites initiatives and rise in the need for better natural resource management in urban environments. In addition, the increase in the need for public safety and security fuels the growth of the Smart City Platform market. However, security concerns associated with Smart City Platform and lack of funding & adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in Smart City Platform and the rise in the IoT market & its application in digital cities are anticipated to provide numerous opportunities for the expansion of the market during the forecast period. The global Smart City Platform market size was valued at $648.36 billion in 2020 and is projected to reach $6,061.00 billion by 2030
Insights Presented in the Report
“Amongst Offering, Services category accounted for the majority share in the market in 2020”
Based on offering, the market is divided into Platform types and services, Services seized the highest CAGR as smart city platform service providers offer various services. services are segmented into professional services and managed services. These 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.
“Amongst Application, Healthcare is expected to witness highest CAGR during the forecast period”
In 2020, the smart healthcare has seized the majority of the market, especially after the covid, efficient healthcare systems are essential for every citizen, which is why the smart healthcare industry is expected to grow exponentially. Also, because of the rising adoption of mHealth, government initiatives to digitize healthcare, and the prevalence of chronic disorders are likely to accentuate the demand for smart healthcare systems.
“Amongst Deployment, Cloud is expected to witness highest CAGR during the forecast period”
The cloud segment is estimated to hold the majority of the market, 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-centric 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 to witness significant growth during the forecast period”
North America is expected to show the highest CAGR growth in the Smart City Platform market. The major contributors to the growth of this market are USA and Canada. North America is one of the leading regions in terms of the development of smart city platforms. IoT Smart City Platform’ 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 transportation, 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
Global Smart City Platform market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Global Smart City Platform Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart city platform market were the three major steps undertaken to create and analyze the adoption of smart city platform in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Smart City Platform market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of Smart City Platform market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Smart City Platform market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as an offering, application, and deployment. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart city platform market. Further, we conducted factor analysis using dependent and independent variables such as rising IT investment, favorable government policies, etc., thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Smart City Platform market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Smart City Platform market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of Smart City Platform market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Smart City Platform market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Smart City Platform market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of offering and technique in the global Smart City Platform market.
The main objective of the Global Smart City Platform Market Study
The current & future market trends of global Smart City Platform market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Smart City Platform market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of offering, application, and deployment.
- Define and analysis of the regulatory framework for the Smart City Platform market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Smart City Platform market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
- Company profiles of the Smart City Platform market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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