Investment Boom: Smart City Platform Market Forecasted to Reach $708.8 Billion by 2031

According to a new report published by Allied Market Research, titled, "Smart City Platform Market," The smart city platform market size was valued at $160.23 billion in 2021, and is estimated to reach $708.8 billion by 2031, growing at a CAGR of 16.2% from 2022 to 2031.

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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.

The growing adoption of smart cities in multiple regions is driving the smart city platform market, Moreover, a growing number of projects under various government smart city initiatives and rise in the need for better natural resource management in urban environments are further anticipated to support the growth of smart city platform industry. In addition, the growth in the need for public safety and security fuels the growth of the smart city platform market.

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However, security concerns associated with smart cities and lack of funding and adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in smart cities and the rise in the IoT market and its application in smart cities are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Depending on the deployment model, the on-premise segment holds the largest share of the smart city platform market. This is attributed to the custom monitoring and regulatory needs of various cities that require custom solutions. However, the cloud segment is expected to grow at the highest rate during the forecast period, due to its easier deploy ability and higher scalability, which is expected to boost its demand in the coming years.

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.

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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.

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.

Top Impacting Factors:

Urbanization and Population Growth: The world's population is increasingly concentrated in urban areas. According to the United Nations, by 2050, nearly 70% of the global population is projected to live in cities. This rapid urbanization is putting pressure on cities to become more efficient, sustainable, and responsive to citizen needs.

Government Initiatives and Funding: Many governments are investing heavily in smart city initiatives to improve the quality of life for their citizens. These initiatives often include funding for the development and deployment of smart city platforms that enable better infrastructure management, traffic optimization, energy efficiency, and public safety.

Technological Advancements: The advancement of technologies such as IoT (Internet of Things), AI (Artificial Intelligence), big data analytics, and cloud computing are crucial enablers of smart city platforms. These technologies allow for the collection of real-time data, analysis for actionable insights, and the automation of various city functions.

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