Smart City Platforms Market Size is Projected to Reach USD 181750 Million by 2026 at CAGR 9.3% | Valuates Reports

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BANGALORE, India, Dec. 15, 2020 /PRNewswire/ -- The Smart City Platforms Market is Segmented by Type (Connectivity Management Platform, Integration Platform, Device Management Platform, Security Platform, Data Management Platform, Other), Application (Smart Mobility/Transportation, Extended City Services, Smart Utilities, Infrastructure Management, Environment Planning, Other), Key Vendors and Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Software & Services Category.

In 2019, the global Smart City Platforms market size was USD 96870 Million, and it is expected to reach USD 181750 Million by the end of 2026, with a CAGR of 9.3% during 2021-2026.

The major factor driving the smart city platforms market size is government and cities giving priority to platform providers compared to standalone smart solutions because of scalability and other smart solutions. 

This report focuses on the global Smart City Platforms status, future forecast, growth opportunity, key market, and key players. The study objectives are to present the Smart City Platforms development in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.

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TRENDS INFLUENCING THE SMART CITY PLATFORMS MARKET SIZE

As a result of the outbreak of COVID-19, there is a decline in smart city networks' adoption. While lockdowns across countries have called for improved technology deployment in surveillance systems, citizen tracking, service billing optimization, patient monitoring, and law enforcement, instability in manufacturing and supply chains poses a major challenge to smart cities' development. The smart city platforms market is expected to witness growth after the first half of 2021 due to investments.

Increased demand for platform providers is one of the main factors expected to drive the smart city platform market size. Every solution provider needs a network to deliver a smart solution. However, there is a range of start-ups and small businesses providing standalone implementation solutions. From the government's point of view, they would appreciate a solution provider that can incorporate all solutions into a single framework, thereby providing more information to manage the city, make informed decisions and introduce an integrated data platform.

Organizations in diverse verticals are continuously seeking to increase IoT to simplify their processes and increase their throughput. As a result, the spread of IoT and related innovations is expected to generate numerous opportunities and increase the smart city platform market size. The smart city platform allows users to incorporate various sensors, computers, people, vehicles, and other devices through a wide range of applications and usage situations.

Furthermore, with the emergence of Industry 4.0, manufacturers plan to introduce smart city platforms for better decision-making. The increase in the number of business parks also offers opportunities for smart city platforms to be deployed. These factors are expected to further increase the smart city platform market size.

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SMART CITY PLATFORMS MARKET SHARE ANALYSIS

North America is expected to hold the largest Smart City Platforms Market size during the forecast period. This dominance of North America is attributed to the growing adoption rate of smart technologies in the region. Network operators in this area are constantly investing in expanding and improving their telecommunications networks and moving towards 5G using technologies such as cloud edge computing and network slicing, allowing smart city platforms to be implemented for a low cost. Rapid digitization across a wide range of vertical lines, growing adoption of smart connected devices, and rising technological developments have further fuelled the growth of the smart city platform market size in the North American region.

APAC is expected to witness the highest CAGR during the forecast period due to the increasing adoption rate of IoT and the rising demand for intelligent and smart solutions. Increasing citizen engagement is the major growth factor expected to drive the smart city platforms market's growth.

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SMART CITY PLATFORMS MARKET SEGMENTATION

Smart City Platforms Market Segment by Type

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

Smart City Platforms Market Segment by Application

• Smart Mobility/Transportation
• Extended City Services
• Smart Utilities
• Infrastructure Management
• Environment Planning
• Other

Smart City Platforms Market Segment by Regions/Countries

• North America
• Europe
• China
• Japan
• Southeast Asia
• India
• Central & South America

Key Major Vendors

Cisco, IBM, Microsoft, Hitachi, Siemens, Schneider Electric, Huawei, Intel, GE, AT&T, Oracle, Ericsson, Nokia, Itron, Verizon, Honeywell, SAP, etc.

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