Smart City Platforms Market Size Report, Growth Analysis & Forecast 2031

Smart City Platforms Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis by Offerings (Platform, Service), by Deployment Type (On Premise, Cloud), by Application (Smart Infrastructure, Smart Mobility/Transportation, Smart Security, Smart Utilities, Smart Governance, And Smart Healthcare)

Publication Month : Mar 2024

  • Report Code : TIPRE00003405
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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[Research Report] The Smart City Platforms market size is expected to grow from US$ 155.32 billion in 2022 to US$ 286.51 billion by 2030; it is estimated to grow at a CAGR of 8.0% from 2022 to 2030.

Analyst Perspective:

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:

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.

With the increasing global urbanization trend, governments and city authorities are investing significantly in building smart cities, driving the demand for advanced technology solutions. The market encompasses a wide range of technologies, including IoT, cloud computing, big data analytics, artificial intelligence, and connectivity solutions. Vendors can offer platforms that cater to specific city functions, such as transportation management, energy optimization, or public safety, or provide comprehensive end-to-end solutions.

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Smart City Platforms Market: Strategic Insights

smart-city-platform-market
Market Size Value inUS$ 155.32 billion in 2022
Market Size Value byUS$ 286.51 billion by 2030
Growth rateCAGR of 8.0% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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Smart City Platforms

Market Driver:

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 2020, 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. This strategic approach is anticipated to propel the growth of the smart city platform market in the foreseeable future. Smart City Platforms provides benefits such as:

  • Improved efficiency
  • Enhanced Public Safety
  • Sustainable Development
  • Data-Driven Decision Making
  • Improved Quality of Life
  • Optimized Transportation
  • Economic Growth
  • Interoperability and Integration
  • Cost Savings

These benefits collectively contribute to the development of sustainable, efficient, and livable cities, improving the overall well-being of residents and supporting economic growth.

Smart City Platforms Market

Segmentation and Scope:

The "Smart City Platforms Market" is segmented based on product, deployment type, application, and geography. Based on the offering, the market is segmented by platform and services. Based on the deployment type, the market is segmented into on-premise and cloud. Based on application, the market is segmented into smart infrastructure, smart mobility/transportation, smart security, smart utilities, smart governance, and smart healthcare. The market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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Smart City Platforms Market

Segmental Analysis:

Based on deployment type, the market is segmented into on-premise and cloud. The on-premise segment holds the largest market share in the Smart City Platform industry. Data security and privacy concerns have become paramount in today's digital landscape. On-premise deployment offers a higher level of control over sensitive data, ensuring that it remains within the city's infrastructure mitigating risks associated with data breaches and unauthorized access. Furthermore, on-premise deployment offers greater flexibility and customization options, enabling cities to adapt and scale their smart city platforms according to their evolving needs and priorities. This level of control and customization is particularly important for cities with unique regulatory or governance frameworks. In addition, on-premise deployment allows cities to leverage their existing IT infrastructure, reducing costs associated with hosting and maintenance. It also provides faster and more reliable data processing, enabling real-time decision-making and enhancing overall operational efficiency.

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Regional Analysis:

North America holds one of the largest global Smart City Platforms market shares. 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.

Key Player Analysis:

The Smart City Platforms market analysis consists of players such as Alibaba Group Holding Limited, Telefonaktiebolaget LM Ericsson, Quantela, Inc., Amazon Web Services, Inc., NEC Corporation, Fybr, SAP SE, International Business Machines Corporation, Huawei Technologies Co., Ltd., Fujitsu Limited, KaaIoT Technologies, LLC., Hitachi, Ltd., Cisco Systems, Inc., Bosch.IO GmbH, Intel Corporation, Microsoft Corporation, Oracle Corporation, Google LLC, are among the key Smart City Platform market players profiled in the report.

Recent Developments:

 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the market. A few recent key Smart City Platforms market developments are listed below: 

  • In May 2022, Datumate and Hitachi Solutions entered into a strategic distribution agreement aimed at accelerating digital transformation efforts both in Japan and on a global scale. Under this long-term partnership, Hitachi Solutions, Ltd. will incorporate Datumate's construction analytics platform into its portfolio of professional services.

  • In March 2022, Juganu, an Israeli LED lighting and communications solutions provider, announced strategic partnerships with Qualcomm, Nokia, and Abdi to demonstrate its cutting-edge 5G and smart cities solutions. Juganu and Qualcomm have a longstanding collaboration on smart city and communication initiatives, with successful projects in Brazil and the United States.
  • In March 2021, Nokia entered into a reseller agreement with ClearWorld, a provider of alternative energy systems, to offer smart poles as part of Nokia's smart city solutions portfolio. These smart poles will be made available to cities and military bases in the United States. The deployment of these poles is planned in multiple locations, such as parks, parking lots, and roads. The ClearWorld-connected digital pole is equipped with advanced features to support a range of applications, including video analytics, Wi-Fi access points, gunshot detection, smart lighting, and license plate reading. This partnership allows Nokia to expand its smart city offerings and provide customers with innovative solutions for enhanced urban infrastructure.
  • In October 2021, the Manila Municipal Government joined forces with Microsoft in a strategic partnership aimed at advancing Microsoft's vision of fostering a modern economy and enhancing the internal operations of the city government. The primary objective of this collaboration is to optimize the "GoManila" platform, an extensive digital data infrastructure initiative implemented across the city, while also reinforcing its data governance policies. By leveraging Microsoft's specialized resources and expertise in artificial intelligence, the partnership intends to propel the city's digital transformation agenda and open up new possibilities for future digital initiatives. Through this alliance, the Manila Municipal Government gains access to tailored solutions and knowledge from Microsoft, enabling it to navigate the complexities of the digital era effectively and drive sustainable growth within the city.
  • In October 2021, Cyta, a leading telecommunications provider, selected Nokia to provide its Integrated Operations Center (IOC) solution for the Municipality of Nicosia. This strategic collaboration aims to accelerate Nicosia's smart city transformation, fostering improved citizen services and promoting environmental sustainability. The Nokia IOC solution offers a comprehensive suite of digital services, encompassing urban mobility, smart parking, intelligent street lighting, environmental sensors, sustainable waste management, digital signage, and information services. By leveraging this advanced technology, Nicosia can optimize its operations, enhance the quality of life for its residents, and create a more sustainable and connected urban environment. This partnership between Cyta and Nokia signifies a significant step forward in the realization of Nicosia's smart city vision and reinforces Nokia's expertise in delivering innovative solutions for urban development.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Offerings, Deployment Type, Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

The List of Companies

1. Cisco Systems Inc.
2. General Electric
3. Huawei Technologies Co Ltd
4. IBM Corporation
5. Intel Corporation
6. Microsoft Corporation
7. Nokia Corporation
8. SAP SE
9. Siemens AG
10. Verizon Wireless

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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