Smart City Platform Market Segment
A surge in the adoption of smart cities in multiple regions is driving the market for smart city platform market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 6, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Smart City Platform Market,” The smart city platform market size was valued at $160.23 billion in 2021, and is estimated to reach $708.8 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.
A smart city platform is a platform solution geared to the needs of cities, municipalities, and countries. In the environment of infrastructure, mobility, and public safety, it offers the possibility to integrate and analyze all information and data of the local conditions. Furthermore, it allows the offering of intelligent services to the population via new communication channels. Citizens can receive location-based notifications, such as individual stop information, marketing content, and notifications as well as alerts regarding road closures or upcoming events in the vicinity.
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The rise in the adoption of smart cities, the growing number of projects under various government smart city initiatives, and the surge in need for better natural resource management in urban environments drive the growth of the global smart city platform market. On the other hand, security concerns associated with smart cities and lack of funding & adequate infrastructure restrain the growth to some extent. However, the emergence of artificial intelligence in smart cities, the rise in the IoT market, and its application in smart cities are expected to create lucrative opportunities in the industry.
Covid-19 scenario
• Significantly increased digital dependence during the global health crisis impacted the smart city platform market positively.
• The rapid push for IoT and automation solutions increased the demand for smart city platform solutions to a considerable extent.
By offerings, the platform segment contributed to more than three-fifths of the global smart city platform market share in 2021, and is expected to lead the trail by 2031. The growing need for automation and IoT applications in modern cities drives segment growth. The service segment, however, is expected to exhibit the fastest CAGR of 17.5% from 2022 to 2031, due to the rising large-scale application of smart cities.
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By application, the smart infrastructure segment garnered nearly one-fifth of the global smart city platform industry share in 2021, and is expected to retain its dominance by 2031, owing to growing demand for smart infrastructure solutions. The smart energy segment, on the other hand, is expected to exhibit the fastest CAGR of 18.9% from 2022 to 2031. This is due to the increasing need for sustainability solutions in the energy sector.
Depending on the deployment model, the on-premise segment holds the largest share of the smart city platform market. This is attributed to the custom monitoring and regulatory needs of various cities that require custom solutions. However, the cloud segment is expected to grow at the highest rate during the forecast period, due to its easier deploy ability and higher scalability, which is expected to boost its demand in the coming years.
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Region-wise, the smart city platform market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its highly digitized technological sector, which is enabling the need for smarter management of cities, fueling the demand for smart city platform market forecast in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growing internet penetration and increasing reliance on digital media and content sources.
The key players profiled in the Smart City Platform market analysis are Alibaba Group Holding Limited, Amazon Web Services, Inc., Bosch.IO GmbH, Quantela, Inc., Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Fujitsu Limited, Fybr, Google LLC, Hitachi, Ltd., Huawei Technologies Co., Ltd., International Business Machines Corporation, Intel Corporation, KaaIoT Technologies, LLC., Microsoft Corporation, NEC Corporation, Oracle Corporation, and SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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