A Smart city is a technologically modern urban area that uses information and communication technologies to improve operational efficiency and the overall quality of life. Smart cities have gained significant traction worldwide as a potential solution to address growing urbanization and environmental concerns and boost economic growth.
A city data platform, also called an urban data platform, acts as a supporting pillar for a multitude of smart city applications. With rising urbanization and rapid population growth worldwide, the city data platform market is anticipated to grow at a significant rate over the forecast period.
A smart city is a sophisticated system that comprises multiple things, including smart city lighting, building automation systems, intelligent grids, security and access control systems, and more. The introduction of the Internet of Things (IoT) technology has brought with it a wide range of sensors and IoT platforms.
Smart city platforms allow digital technologies to acquire data flows using open standards across several industries. These data sources can include everything from air quality readings to data on traffic densities. By offering multiple data sources the ability to share one platform, information can be seamlessly accessed and used for the benefit of every resident of the city.
Polaris Market Research and Consulting has done a comprehensive and reliable analysis of the market. According to our study, the city data platform market was valued at USD 68.57 billion in 2022 and is expected to grow at a CAGR of 16.4%, generating an estimated revenue of USD 313.78 billion by 2032.
City data can be used in several different ways. Here are some examples of how city data platforms are improving cities already.
Traffic management: City data can be used to improve traffic congestion and urban city mobility. Also, it can be fed into traffic quantifying tools to warn riders about road congestion. Furthermore, user-generated sites can flag dangerous road sections and increase awareness about high-risk drivers.
Public safety: In recent times, data provided by city data platforms has been used to make improvements to street lighting. This has given a boost to energy efficiency and improved public safety.
Public spending: Insights from city data platforms can be used to spot trends, reduce costs, and enhance efficiency. That way, governments worldwide aim to improve public spending among their citizens.
The segment’s growth in the city data platform market can largely be attributed to the rising internet adoption worldwide. Cloud-based platforms allow for the seamless management of bulk data. Bundling various data types is important for effective planning and management of cities. A good way to aggregate and analyze these different data types is through cloud-based platforms.
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There are numerous advantages to using city data platforms. Some of them include:
City data platforms gather, merge, and process substantial quantities of data from numerous industries. The collected data can then be used to implement new systems for transportation, water distribution, and crime prevention. Rising urbanization trends and growing concerns about climate change are expected to fuel the city data platform market expansion in the near future.
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