Global Smart City Platforms Market Size, Status and Forecast 2021-2027

The global Smart City Platforms market size is projected to reach US$ 198650 million by 2027, from US$ 103410 million in 2020, at a CAGR of 9.3% during 2021-2027. A smart city platform is a framework for sensing, for communications, for integration, and for intelligent decision making. 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.

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.

Smart City Platforms Market Regional Outlook

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.

Smart City Platforms Market Segment Outlook

Smart City Platforms market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global Smart City Platforms market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.

Smart City Platforms Market by Type

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

Smart City Platforms Market by Application

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

Smart City Platforms Market by Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Major Players in the Smart City Platforms Market

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