Smart City Platform Market
Smart cities are growing globally due to urbanization, which is enabling market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, July 27, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Global Smart City Platform Market to Reach USD 708.8 Bn by 2031 | Top Players Such as – Alibaba, KaaIoT and Quantela.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global smart city platform market size was valued at USD 160.2 billion in 2021, and is projected to reach USD 708.8 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.
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Rise in adoption of smart cities, growing number of projects under various government smart city initiatives, and surge in need for better natural resource management in urban environments drive the growth of the global smart city platform market. On the other hand, security concerns associated with smart cities and lack of funding & adequate infrastructure restrain the growth to some extent. However, emergence of artificial intelligence in smart cities, rise in the IoT market, and its application in smart cities are expected to create lucrative opportunities in the industry.
The smart city platform market is segmented on the basis of offerings, deployment model, application, and region. By offerings, the market is bifurcated into platform and service. By deployment model, the market is segmented into on-premise and cloud. Based on application, the market is divided into smart infrastructure, smart governance and smart education, smart energy, smart mobility, smart healthcare, smart buildings, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on deployment model, the on-premises segment generated nearly three-fifths of the global smart city platform market revenue in 2021 and is expected to lead the trail by 2031.Higher degree of security offered by on-premises smart cities management platforms drives the segment growth. The cloud segment, simultaneously, would manifest the fastest CAGR of 17.3% from 2022 to 2031. This is due to the scalable deploy ability of cloud-based smart city solutions.
By application, the smart infrastructure segment garnered nearly one-fifth of the global smart city platform industry share in 2021, and is expected to retain its dominance by 2031, owing to growing demand for smart infrastructure solutions. The smart energy segment, on the other hand, is expected to exhibit the fastest CAGR of 18.9% from 2022 to 2031. This is due to the increasing need for sustainability solutions in the energy sector.
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Based on region, North America held the major share in 2021, generating around two-fifths of the global smart city platform market. High concentration of specialized ICT and IoT vendors across the region propel the market growth. Asia-Pacific, on the other hand, would garner the fastest CAGR of 19.5% by 2031. This is attributed to the ongoing digital transformation across the region.
The key players profiled in the Smart City Platform market analysis are Alibaba Group Holding Limited, Amazon Web Services, Inc., Bosch.IO GmbH, Quantela, Inc., Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Fujitsu Limited, Fybr, Google LLC, Hitachi, Ltd., Huawei Technologies Co., Ltd., International Business Machines Corporation, Intel Corporation, KaaIoT Technologies, LLC., Microsoft Corporation, NEC Corporation, Oracle Corporation, and SAP SE.
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COVID-19 Scenario:
● Significantly increased digital dependence during the global health crisis impacted the smart city platform market positively.
● The rapid push for IoT and automation solutions increased the demand for smart city platform solutions to a considerable extent.
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