Smart City Platform Market Set to Achieve USD 708.8 Bn Forecast by 2031 | Fujitsu Limited, Fybr, Google LLC, Hitachi, Ltd.,

A smart city platform is a platform solution geared to the needs of cities, municipalities, and countries. In the environment of infrastructure, mobility, and public safety, it offers the possibility to integrate and analyze all information and data of the local conditions. Furthermore, it allows the offering of intelligent services to the population via new communication channels. Citizens can receive location-based notifications, such as individual stop information, marketing content, and notifications as well as alerts regarding road closures or upcoming events in the vicinity.

According to the report, the global smart city platform industry was estimated at $160.2 billion in 2021, and is anticipated to hit $708.8 billion by 2031, registering a CAGR of 16.2% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.

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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.

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.

The platform segment dominated the global smart city platform market in 2021, accounting for over 60% of the market share, and it is projected to maintain its leading position through 2031. This is primarily attributed to the increasing demand for automation and IoT solutions in contemporary urban environments. On the other hand, the service segment is anticipated to experience the most rapid Compound Annual Growth Rate (CAGR) of 17.5% from 2022 to 2031, driven by the growing adoption of smart city solutions on a large scale.

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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.

Region-wise, the smart city platform market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its highly digitized technological sector, which is enabling the need for smarter management of cities, fueling the demand for smart city platform market forecast in the region. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its growing internet penetration and increasing reliance on digital media and content sources.

Based on the deployment model, the on-premise 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-premise 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 deployability of cloud-based smart city solutions.

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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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The report analyzes these key players in the global smart city platform market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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