Smart City Platforms Market Analysis, Competitive Landscape, and Forecast by 2031

The smart city platforms market size is projected to reach US$ 306.52 billion by 2031 from US$ 165.53 billion in 2023. The market is expected to register a CAGR of 8% in 2023–2031. The increasing digital transformations are likely to remain a key smart city platforms market trend.

Smart City Platforms Market Analysis

The Smart City Platforms market has witnessed significant growth in recent years. Factors, including the increasing adoption of smart cities in various regions, are fueling the growth of the smart city platform market. Additionally, the rise in government-led smart city initiatives and the growing demand for improved natural resource management in urban areas are expected to contribute to the expansion of the smart city platforms market.

Smart City Platforms Market Overview

A smart city refers to an urban area that leverages advanced technologies and data-driven solutions to enhance the life quality of its residents, improve operational efficiency, and promote sustainable development. It is a holistic approach that integrates various aspects of urban life, including transportation, energy, infrastructure, governance, and public services, with the goal of creating a more connected, livable, and resilient city. A smart city is built on the foundation of a smart city platform, which serves as the central nervous system for managing and optimizing city-wide operations. This platform acts as an intelligent layer that analyzes and collects data from diverse sources, such as sensors, IoT devices, public records, and social media, to gain actionable insights and enable informed decision-making by city authorities and stakeholders. Furthermore, a smart city platform improves the delivery of public services by streamlining administrative processes, enabling citizen engagement, and facilitating the provision of personalized services. It enables the creation of digital platforms and mobile applications that allow citizens to access information, report issues, and interact with government agencies, thereby fostering transparency and citizen participation.

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Smart City Platforms Market Drivers and Opportunities

Growing Sustainability Demands to Drive Growth of The Smart City Platforms Market

According to a recent article from the United Nations's Revision of World Urbanization Prospects 2021, the global population is rapidly urbanizing, with an estimated 9 billion people projected to reside in cities or urban centers by 2050. This substantial urbanization trend is anticipated to result in resource scarcity in the coming years. As densely populated cities continue to drive economic growth in many countries, urbanization is expected to further increase in the near future. This, in turn, will drive the growth of the smart city platform market.

To effectively address the challenges associated with rising urbanization and climate change concerns, it is imperative to leverage innovation and digital technology. By minimizing energy consumption and enhancing quality of life, the integration of innovation with energy, digital technology, and information and communications technology can effectively tackle urbanization challenges and ensure sustainability. 

Increasing smart city initiatives by the government

Smart city initiatives are transforming municipalities from coast to coast. By using vast amounts of data and advanced technology, smart city government initiatives are designed to enhance the quality of life in urban areas by radically improving the management of city services, resources, and assets. For instance, the Government launched the SCM with the aim of boosting economic growth and enhancing people's quality of life through local development and the use of technology to achieve smart results that benefit citizens. Thus, with the increasing smart city initiatives, the market is growing.

Smart City Platforms Market Report Segmentation Analysis

Key segments that contributed to the derivation of the smart city platforms market analysis are offerings, deployment type, and application.

• Based on the offerings, the smart city platforms market is segmented into platform and service.
• By deployment type, the market is segmented into on-premise and cloud.
• By application, the market is segmented into smart infrastructure, smart mobility/transportation, smart security, smart utilities, smart governance, and smart healthcare.

Smart City Platforms Market Share Analysis by Geography

The geographic scope of the smart city platforms market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest smart city platforms market share. The region’s growth is primarily driven by the widespread adoption of smart city solutions, significant investment in information and communication technology (ICT) by government organizations, and a high demand for interconnected solutions throughout the region. With a focus on IoT technology, smart city platforms enable cities to optimize resource utilization, enhance air and water quality, improve transportation systems, and enhance energy and communication infrastructure. According to Smart America, the governments of various cities in the United States are expected to invest approximately USD 41 trillion over the next two decades to upgrade their infrastructure and capitalize on the benefits offered by IoT technologies. Additionally, the presence of established vendors such as Microsoft Corporation, Cisco Systems Inc., GE Current, and IBM Corporation further strengthens the market's growth in the region.

Smart City Platforms Market Regional Insights

The regional trends and factors influencing the Smart City Platforms Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Smart City Platforms Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Smart City Platforms Market Report Scope

Smart City Platforms Market Players Density: Understanding Its Impact on Business Dynamics

The Smart City Platforms Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Smart City Platforms Market News and Recent Developments

The smart city platforms market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:

• In August 2023, NEC Corporation, a wholly-owned subsidiary of NEC Corporation, launched the latest Smart City project in Tirupati for Tirupati Smart City Corporation Limited. (Source: NEC Corporation, Press Release)
• In Jan 2024, Coway launched the Airmega 100 air purifier, adding an affordable option for smaller spaces to its U.S. lineup of products for cleaner air. The newest product is Airmega's first cylindrical model and launches at Coway's most affordable price point ever. Whether it's reducing allergens and viruses, eliminating unpleasant odors, or removing smoke, the Airmega 100 efficiently filters harmful pollutants and purifies indoor air for healthier living. (Source: Coway, Press Release)

Smart City Platforms Market Report Coverage and Deliverables

The “Smart City Platforms Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles