Global Smart City Platform Market Soars to $22.6 Billion in 2022, Set to Skyrocket at a CAGR of 36.3% by 2028

DUBLIN, Nov. 8, 2023 /PRNewswire/ -- The "Smart City Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global smart city platform market has achieved remarkable growth, reaching a market size of US$ 22.6 billion in 2022. Analysts anticipate even more substantial expansion in the coming years, with the market projected to reach US$ 158.5 billion by 2028, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 36.3% during the period of 2023-2028.

Smart cities encompass a range of systems, including smart lighting, building automation, security and access control, emergency management, intelligent grids, renewable power, water treatment and supply, and transportation. These systems are harnessed by smart city platforms to seamlessly integrate information from these diverse systems into a unified whole, offering a comprehensive view of the city's performance and functions. Smart city platforms can be deployed in a private, public, or hybrid cloud via remote servers or on-premises for analytics, remote asset monitoring, performance management, decision support, and presentation components.

Smart City Platform Market Trends:

The increasing global population and rapid urbanization have led to a heightened demand for sustainable infrastructure, driving the adoption of smart cities worldwide. In response, governments across different economies are implementing favorable policies and regulations to promote the deployment of cloud-based services and advance their smart city initiatives. Additionally, the proliferation of data resulting from the widespread adoption of Internet of Things (IoT) and artificial intelligence (AI) technologies presents lucrative opportunities for the application of smart city platforms.

These platforms offer context to transform generated data into actionable, contextualized information, reducing energy consumption and operational costs. Furthermore, the latest generation of smart city platforms delivers tangible economic benefits and the potential to enhance citizens' quality of life while preserving the natural environment. These factors are poised to have a positive impact on the market in the coming years.

Key Market Segmentation:

The comprehensive report offers insights into various sub-segments of the global smart city platform market, providing forecasts at the global, regional, and country levels for the period 2023-2028. The market is categorized based on platform type, deployment mode, and application.

Breakup by Platform Type:

• Connectivity Management Platform
• Integration Platform
• Device Management Platform
• Data Management Platform
• Security Management Platform

Breakup by Deployment Mode:

• On-premises
• Cloud-based

Breakup by Application:

• Smart Mobility/Transportation
• Smart Security
• Smart Utilities
• Smart Governance
• Smart Infrastructure
• Smart Healthcare
• Others

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa

Competitive Landscape:

The competitive landscape of the smart city platform industry is characterized by key players, including Amazon Web Services Inc. (Amazon.com Inc.), Cisco Systems Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NEC Corporation (AT&T Inc.), Oracle Corporation, SAP SE, Siemens AG, and Telefonaktiebolaget LM Ericsson.

Key Questions Answered in This Report:

1. What is the current size of the global smart city platform market?
2. What is the projected growth rate of the global smart city platform market from 2023 to 2028?
3. What are the primary factors driving the global smart city platform market?
4. What has been the impact of COVID-19 on the global smart city platform market?
5. How is the global smart city platform market segmented by platform type?
6. How is the global smart city platform market segmented by deployment mode?
7. Which regions play a key role in the global smart city platform market?
8. Who are the prominent players and companies in the global smart city platform market?

For more information about this report visit https://www.researchandmarkets.com/r/gvj80a

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