Smart City Platforms Market Strategic Insights and Updates 2031
The smart city platforms market size is projected to reach US$ 306.52 billion by 2031 from US$ 165.53 billion in 2023. The market is expected to register a CAGR of 8% in 2023–2031. The increasing digital transformations are likely to remain a key smart city platforms market trend.
Smart City Platforms Market Analysis
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
A 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.
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Smart City Platforms Market: Strategic Insights
Market Size Value in US$ 155.32 billion in 2022 Market Size Value by US$ 286.51 billion by 2030 Growth rate CAGR of 8.0% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Smart City Platforms Market: Strategic Insights
| Market Size Value in | US$ 155.32 billion in 2022 |
| Market Size Value by | US$ 286.51 billion by 2030 |
| Growth rate | CAGR of 8.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Smart City Platforms Market Drivers and Opportunities
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 2021, 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.
Increasing smart city initiatives by the government
Smart city initiatives are transforming municipalities from coast to coast. By using vast amounts of data and advanced technology, smart city government initiatives are designed to enhance the quality of life in urban areas by radically improving the management of city services, resources, and assets. For instance, the Government launched the SCM with the aim of boosting economic growth and enhancing people's quality of life through local development and the use of technology to achieve smart results that benefit citizens. Thus, with the increasing smart city initiatives, the market is growing.
Smart City Platforms Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart city platforms market analysis are offerings, deployment type, and application.
- Based on the offerings, the smart city platforms market is segmented into platform and service.
- By deployment type, the market is segmented into on-premise and cloud.
- By application, the market is segmented into smart infrastructure, smart mobility/transportation, smart security, smart utilities, smart governance, and smart healthcare.
Smart City Platforms Market Share Analysis by Geography
The geographic scope of the smart city platforms market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest smart city platforms market share. 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.
Smart City Platforms Market Report Scope
Smart City Platforms Market News and Recent Developments
The smart city platforms market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In August 2023, NEC Corporation, a wholly-owned subsidiary of NEC Corporation, launched the latest Smart City project in Tirupati for Tirupati Smart City Corporation Limited. (Source: NEC Corporation, Press Release)
- In Jan 2024, Coway launched the Airmega 100 air purifier, adding an affordable option for smaller spaces to its U.S. lineup of products for cleaner air. The newest product is Airmega's first cylindrical model and launches at Coway's most affordable price point ever. Whether it's reducing allergens and viruses, eliminating unpleasant odors, or removing smoke, the Airmega 100 efficiently filters harmful pollutants and purifies indoor air for healthier living. (Source: Coway, Press Release)
Smart City Platforms Market Report Coverage and Deliverables
The “Smart City Platforms Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offerings, Deployment Type, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global smart city platforms market is expected to reach US$ 306.52 billion by 2031.
The key players holding majority shares in the global smart city platforms market are Cisco Systems Inc., General Electric, Huawei Technologies Co Ltd, 13M Corporation, and Intel Corporation.
The increasing digital transformations is anticipated to play a significant role in the global smart city platforms market in the coming years.
Growing sustainability demands to drive growth of the smart city platforms market and increasing smart city initiatives by the government are the major factors that propel the global smart city platforms market.
The global smart city platforms market was estimated to be US$ 165.53 billion in 2023 and is expected to grow at a CAGR of 8 % during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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