Smart City Platform Market Size is Estimated to Reach US$ 158.5 Billion by 2028, Growth Rate (CAGR) 36.3%

IMARC Group, a leading market research company, has recently releases a report titled "Smart City Platform Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global smart city platform market report , share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Smart City Platform Market?

The global smart city platform market size reached US$ 22.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 158.5 Billion by 2028, exhibiting a growth rate (CAGR) of 36.3% during 2023-2028.

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A smart city platform is a comprehensive digital infrastructure that utilizes advanced technologies to enhance efficiency and sustainability. It leverages the Internet of Things (IoT), artificial intelligence (AI), data analytics, and connectivity to monitor and manage various aspects of urban living, such as transportation, energy, waste management, and public safety. It facilitates the seamless integration of data, devices, and services to optimize city operations. It allows municipal authorities and businesses to have actionable insights and enables informed decision-making and responsive city governance. It facilitates smart traffic management that assists in reducing congestion and shorter commute times. It can detect and respond to emergencies promptly, reducing crime rates, and enhancing the overall sense of security for residents. As it enables enhanced management of energy consumption, waste disposal, and emissions, the demand for smart city platform is increasing across the globe.

What are the growth prospects and trends in the smart city platform industry?

At present, the rising need for smart transportation solutions like traffic management and public transit optimization represents one of the key factors propelling the market growth. Besides this, the increasing adoption of smart city platforms to address various complex urban issues is strengthening the growth of the market.

Additionally, there is a rise in the demand for data-driven insights that help in informed decisions to improve public services around the world. This, coupled with the increasing need for enhanced surveillance and emergency response solutions, is supporting the market growth. Moreover, the growing demand for smart city platforms on account of increasing environmental concerns among the masses is positively influencing the market. In line with this, the integration of fifth-generation (5G) technology, as it enhances connectivity, is contributing to the market growth.

Apart from this, the increasing congestion and pollution in urban areas are providing lucrative growth opportunities to industry investors. In addition, the rising focus on energy management and conservation is impelling the market growth.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Platform Type:
• Connectivity Management Platform
• Integration Platform
• Device Management Platform
• Data Management Platform
• Security Management Platform

Breakup by Deployment Mode:
• On-premises
• Cloud-based

Breakup by Application:
• Smart Mobility/Transportation
• Smart Security
• Smart Utilities
• Smart Governance
• Smart Infrastructure
• Smart Healthcare
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Some of the Top Key players in the Smart City Platform Market

Amazon Web Services Inc. (Amazon.com Inc.), Cisco Systems Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., Intel Corporation, International Business Machines Corporation, Microsoft Corporation, NEC Corporation (AT&T Inc.), Oracle Corporation, SAP SE, Siemens AG and Telefonaktiebolaget LM Ericsson.

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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