Smart City Platforms Market Worth $292.1 billion by 2028, Growing At a CAGR of 8.8% Report by MarketsandMarkets™

Chicago, April 02, 2024 (GLOBE NEWSWIRE) — The global Smart City Platforms Market size is estimated at USD 191.6 billion in 2023  and is projected to reach USD 292.1 billion by 2028, at a CAGR of 8.8% from 2023 to 2028, according to a new report by MarketsandMarkets™. The primary factor driving the growth of smart city platforms are government initiatives towards developing digitalized, smart city infrastructure.  Governments across the world are adopting smart city platforms solutions and services to improve public safety, citizen engagement and operational performance of the transportation system and reduce the impact of transportation on the environment.  Governments are increasingly focusing on deploying vehicle tracking systems to safeguard citizens from mishaps.

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Smart City Platforms Market Dynamics:

Drivers:

  1. Preference for platforms over standalone solutions.
  2. Exponential rise in urban population resulting in need for smart management
  3. Increasing adoption of IoT technology for infrastructure management and city monitoring
  4. Inefficient utilization of resources in emerging economies
  5. Digital transformation augmenting scope for smart cities
  6. Heavy IoT investments
  7. Availability of low-cost sensors

Restraints:

  1. Cost-intensive infrastructure of smart city platforms.
  2. Possibility of privacy and security breaches in smart city platforms
  3. Lack of standardization in IoT protocols

Opportunities:

  1. Development of smart infrastructure.
  2. Industrial and commercial deployment of smart city platforms
  3. Rising smart city initiatives worldwide

List of Key Players in Smart City Platforms Market:

  • Alibaba Group Holding Limited (China)
  • Amazon Web Services Inc. (US)
  • Bosch.IO GmbH (Germany)
  • Quantela Inc. (US)
  • Cisco Systems Inc. (US)
  • Ericsson (Sweden)
  • Fujitsu Limited (Japan)
  • Fybr (US)
  • Google LLC (US)
  • Hitachi Ltd. (Japan)

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Technology has advanced significantly in recent years, with innovative, digitalized smart city solutions becoming more common. IoT, ML and AI are expected to play a major role in the smart city platforms market in the coming years. AI turns data into actionable information that can be used for multiple applications making it truly smart and adaptive rather than just automated. AI technology in smart city platforms is used in the prediction and detection of traffic accidents and conditions through traffic sensors and cameras.

Based on delivery model, the hybrid model is expected to register the fastest growth rate during the forecast period.

In hybrid delivery model, the deployment of the solution is at the customer’s site. Maintenance and upgrades are done at the customer’s site, while some functions are handled remotely from the vendor’s site and some from the customer’s site. The hybrid delivery model sees high adoption, owing to the connectivity management and security platforms. In this delivery model, the benefits of both the on-site and offshore models can be harnessed. Hybrid solutions deliver a wide range of functionalities and core features, fueling the overall adoption of hybrid solutions during the forecast period.

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Based on region North America is expected to hold the largest market size during the forecast period.

The smart city platforms market in North America is considered a high-growth market due to many factors, such as the economic stability of its countries, the increase in digitization and technological advancements, and early adoption of advance smart city platforms for various applications.

The startup culture in North America is growing more rapidly than in other regions. The rapid digitalization across diverse verticals, increasing adoption of smart connected devices, and rising technological advancements have further fueled the growth of the smart city platforms market in this region.

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