Smart City Platforms Market Size Worth $518.66 Billion By 2032 | CAGR: 36.60%

Smart City Platforms Market Size Worth $518.66 Billion By 2032 | CAGR: 36.60%


The global smart city platforms market size is expected to reach USD 518.66 billion by 2032, according to a new study by Polaris Market Research. The report “Smart City Platforms Guides Market Share, Size, Trends, Industry Analysis Report, By Offering (Services, Platforms); By Delivery Model; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Smart city platforms serve a wide array of functions, encompassing analytics, remote asset monitoring, performance management, decision support, and presentation components. Leading-edge cities leverage Internet of Things (IoT) platforms to oversee city infrastructure, from traffic flow and parking to water and air quality. They utilize the wealth of smart data for making informed, long-term environmental sustainability decisions.

Smart city platforms provide a fundamental framework for urban infrastructure, applications, services, and various city-specific functions. A significant driving force in the city market is the preference for platform providers over standalone smart solutions due to their scalability and seamless integration with other smart solutions.

As smart city projects worldwide expand and gain momentum, the core vision, technologies, and on-the-ground realities have grown more intricate. To streamline these complexities, there is a notable shift toward adopting more intuitive processes, including the increased use of machine learning solutions to collect and analyze the vast volume of generated data.

In pursuit of these goals, certain smart cities are harnessing technology to engage their citizens through eGovernment initiatives, which optimize public sector operations and simplify government processes to foster sustainable development.

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eGovernment employs online, user-friendly gateways that enable citizens to access essential government services swiftly. For instance, a local government might maintain records of significant life events like births, marriages, and deaths in the cloud rather than traditional paper files, facilitating convenient access for government officials and employees.

The COVID-19 pandemic has left its mark on various aspects of society, economies, markets, and consumer behaviors, albeit to different extents. Industries such as healthcare, media and entertainment, telecommunications, utilities, and government are diligently working to restore normalcy in the disrupted conditions and ensure essential services for all. Notably, the telecommunications sector plays a crucial role in bolstering a nation's digital infrastructure during the ongoing pandemic.

Recent times have witnessed a growing demand across multiple sectors for advanced IoT-based smart city solutions that seamlessly integrate with cloud computing, big data, security measures, analytics, and network connectivity. The increased adoption of IoT technology in smart city applications, including smart utilities and services for citizens, is driving the deployment of smart city platforms. This trend is particularly relevant as government authorities in numerous countries focus on monitoring public health and elevating safety and living standards for their populations.

Furthermore, IoT solution providers must enhance the management capabilities of their platforms to meet the demand for overseeing IoT devices across various cities effectively.

Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Smart City Platforms devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Smart City Platforms throughout the forecast period.

Smart City Platforms Market Report Highlights

  • During the projected period, the services sector is expected to exhibit a significantly higher growth rate. Moreover, smart city platform providers offer a diverse array of services designed to streamline the efficient establishment, advancement, and ongoing maintenance of organizational activities. These services extend support to customers, support teams, partners, employees, and marketing teams, opening doors for personal development and training.
  • In 2022, the smart infrastructure segment commanded a leading role in the smart cities market, and this pattern is expected to continue during the forecast period. The growing influence of digital transformation in individuals' daily routines plays a pivotal role in the heightened demand for smart infrastructure solutions. Moreover, the disruptions in supply chains triggered by the pandemic have further accelerated the expansion of this segment, as businesses increasingly depend on smart infrastructure solutions to efficiently manage their resources.
  • In 2022, North America held the leading position in the market. North America has firmly positioned itself as the primary regional market for smart cities in terms of revenue. This dominance is largely attributed to the extensive adoption of smart city solutions, substantial ICT investments by governmental bodies, and a strong demand for interconnected solutions throughout the region.
  • The global key market players include Alibaba Group Holding Limited, Amazon Web Services, Inc., Bosch.IO GmbH, Cisco Systems, Inc., Fujitsu Limited, Fybr, Google LLC, Hitachi, Ltd., Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation (IBM), KaaIoT Technologies, LLC., Microsoft Corporation, NEC Corporation, Oracle Corporation, Quantela, Inc., SAP SE, and Telefonaktiebolaget LM Ericsson.

Polaris Market Research has segmented the Smart City Platforms market report based on offering, delivery model, application, and region:

Smart City Platforms, Offering Outlook (Revenue - USD Billion, 2019 - 2032)

  • Services
    • Integration & Deployment
    • Support Maintenance
    • Advisory Consulting
  • Platforms
    • Data Management Platform
    • Integration Platform
    • Security Platform
    • Connectivity Management Platform
    • Device Management Platform

Smart City Platforms, Delivery Model Outlook (Revenue - USD Billion, 2019 - 2032)

  • Hybrid
  • Onshore
  • Offshore

Smart City Platforms, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Smart Energy & Utility
  • Public Safety
  • Infrastructure Management
  • Citizen Engagement
  • Smart Transportation

Smart City Platforms, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Smart City Platforms Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 42.66 billion

Revenue forecast in 2032

USD 518.66 billion

CAGR

36.60% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Offering, By Delivery model, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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