Smart City Platforms Market Latest Trends, Growth Demand, Global Size, Share, Emerging Technologies, Applications, and Forecast 2028

Smart City Platforms Market by Offering (Platforms (Connectivity Management, Integration, Device Management) and Services), Delivery Model (Offshore, Hybrid, On-site), Application (Smart Transportation and Public Safety) and Region - Global Forecast to 2028.
The global smart city platforms market [https://www.marketsandmarkets.com/Market-Reports/smart-city-platforms-market-236996337.html?utm_campaign=smartcityplatformsmarket&utm_source=abnewswire.com&utm_medium=paidpr] will expand from USD 191.6 billion in 2023 to USD 292.1 billion by 2028, with a compound annual growth rate (CAGR) of 8.8% during this period. Key drivers of this growth include the rising demand for automation in network infrastructure, the need for more efficient connectivity solutions to manage the increasing volume of networked devices, and the growing number of devices connected to these networks.

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By offering, platforms are estimated to account for the largest market share in 2023.

Smart city platforms enable the integration of various software, devices, sensors, machines, routers, controllers, gateways, and edge-computing systems to streamline business processes and increase operational efficiency. Smart city platforms enable connectivity between objects or platforms and consist of a variety of important building blocks, such as connectivity and normalization, device management, database, processing and action management, analytics, visualization, and external interfaces. Rising urbanization resulting in increasing demand for space optimization and asset management is encouraging vendors to enhance the capabilities of their platforms.

Managed services are expected to register the fastest growth rate during the forecast period.

Managed service providers (MSPs) assist clients in efficiently managing key operations of smart city infrastructure. MSPs handle end-to-end deployment and after-sales services for the deployed smart city platforms. Smart city platforms and systems need to be upgraded regularly to detect physical attacks on smart city infrastructure and counter newly introduced cyber threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies are rapidly handing over their smart city infrastructure and asset security to specialized service providers, such as Managed Security Service Providers (MSSPs), who help secure data generated from the infrastructure and ensure data confidentiality, integrity, and availability.

Asia Pacific is likely to emerge as the fastest-growing market during the forecast period

Asia Pacific is anticipated to have highest CAGR for the forecasted period. Asia Pacific is an emerging smart city platforms market. China, Japan, and Australia are the major countries contributing to the growth of the market in the region. Asia Pacific also houses other major economies, such as Singapore, South Korea, and India. Japan has already declared completion of most of its smart city projects, while the other countries in the region are still in the initial development phase. China is the biggest marketplace in the Asia Pacific region in terms of developing IoT technology for smart cities. In Asia Pacific, around 311 cities were selected for transformation into smart cities in 2013; significant progress has been observed in nearly 80 cities.

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Unique Features in the Smart City Platforms Market

One of the standout features in the smart city platforms market is the seamless integration of Internet of Things (IoT) devices. Smart city platforms provide centralized management for a vast array of connected devices-ranging from smart traffic lights and energy grids to public safety systems.

Advanced data analytics and predictive intelligence are key features in smart city platforms. These platforms leverage big data and artificial intelligence (AI) to analyze trends, predict future patterns, and optimize city operations.

Smart city platforms are designed with high interoperability, enabling the integration of various systems, devices, and applications regardless of the vendors or technologies involved. This feature is crucial for cities that need to scale their platforms as they grow, ensuring new technologies and services can be incorporated smoothly.

A prominent feature of many smart city platforms is the ability to unify various city operations into a single command and control center. These centers enable city officials to monitor everything from traffic flow and public transportation to security and emergency services in real time.

Smart city platforms offer advanced public safety features, such as intelligent surveillance systems, automated emergency response mechanisms, and real-time crime mapping. By integrating data from various sources-such as CCTV cameras, social media, and public reports-cities can enhance their ability to respond to emergencies and reduce crime rates, improving overall safety and security for residents.

Major Highlights of the Smart City Platforms Market

A major highlight of the market is the growing need for automation in network infrastructure. As cities expand and become more connected, managing the complex networks of devices and systems manually is increasingly challenging.

With the rapid proliferation of connected devices in urban environments, there is an increasing demand for highly efficient connectivity networks. Smart city platforms address this need by providing robust connectivity frameworks that can handle the surge in devices while ensuring seamless communication between them.

The integration of IoT and artificial intelligence (AI) is a significant highlight in the smart city platforms market. IoT devices collect vast amounts of real-time data, which AI algorithms analyze to provide actionable insights.

Sustainability is a key driver of growth in the smart city platforms market. These platforms support energy-efficient systems, such as smart grids, and facilitate the integration of renewable energy sources.

Improving public safety is a top priority for many cities, and smart city platforms play a vital role in this area. By integrating real-time data from various sources-such as surveillance cameras, emergency services, and social media-these platforms enhance cities' ability to respond to emergencies, detect crime, and maintain public order.

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Top Companies in the Smart City Platforms Market

The major vendors covered in the smart city platforms market include Alibaba Group Holding Limited (China), Amazon Web Services, Inc. (US), Bosch.IO GmbH (Germany), Quantela, Inc. (US), Cisco Systems, Inc. (US), Ericsson (Sweden), Fujitsu Limited (Japan), Fybr (US), Google LLC (US), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), IBM (US), Intel Corporation (US), KaaIoT Technologies (US), Microsoft (US), NEC Corporation (Japan), Oracle Corporation (US), SAP SE (Germany), Schneider Electric (France), SICE (Spain), Siemens AG (Germany), Sierra Wireless Inc. (Canada), SIRADEL SAS (France), Smarter City Solutions (Australia), Thethings.Io (Spain), Ubicquia, Inc (US), Verdigris Technologies, Inc (US), Softdel (US), Igor, Inc (US), Telensa Inc (UK), Enevo Inc. (US), Confidex Ltd (Finland), 75F (US), Ketos (US), and Cleverciti Systems GmbH (Germany).

IBM is one of the leading vendors that provide smart city platform solutions. The company has a wide product portfolio for smart city platforms and and related solutions. The R&D investments of the company are applied generally to all product areas, with specific areas of focus being identified regularly. The company's recent areas of increased focus include smart infrstructure solutions, AI and hybrid cloud capalities along with IoT. The company also focuses on acquisitions and partnerships to achieve business growth and increase in smart city platforms category. In the year 2022, the company acquired Dialexa and Databand.ai to improve its product portfolio.

Siemens provides smart enterprise and smart city platform solutions that transform the experience of users with resilient, intelligence, and automation powered by Artificial Intelligence (AI) and Machine Learning (ML). The company also focuses on launching smart city platform products regularly. Siemens has entered into strategic acquisitions and partnerships with strong players, which would help it to expand its product portfolio and distribution networks in several markets. Siemens has emerged as a key player for smart city platform services and solutions. In addition, Siemens has global operations and earns its revenue from multiple regions, including within India and outside India regions. The company also focuses on acquisitions and partnerships to achieve business growth and increase in smart city platform across key industries, including education, healthcare, public infrastructure, and manufacturing. For instance, siemens acquired Brightly Software in August 2022, enabling Siemens to establish cloud-based and fully automate the complexities of operations. In the year 2021, the company collaborated with Telefonica Tech to provide improved performance and sustainability for built infrastructure.

Huawei Technologies Co., Ltd., founded in 1987 by Ren Zhengfei, is a leading global provider of information and communications technology (ICT) infrastructure and smart devices, headquartered in Shenzhen, China. The company is known for its comprehensive product and service offerings, including telecommunications equipment, consumer electronics, and enterprise solutions. Huawei is a significant player in the development of 5G technology and has a substantial presence in the global smartphone market. Despite facing challenges due to geopolitical tensions and trade restrictions, Huawei continues to innovate and expand its technological capabilities across various domains, including cloud computing and artificial intelligence.

Hitachi, Ltd., established in 1910 by Namihei Odaira, is a diversified multinational conglomerate based in Tokyo, Japan. The company operates across various sectors, including information technology, energy, infrastructure, industrial systems, and healthcare. Hitachi is known for its advanced technology solutions and has been instrumental in developing and implementing innovative products and services, such as data storage systems, railway systems, and social infrastructure solutions. With a strong focus on digital transformation, Hitachi leverages its expertise in big data analytics, IoT, and artificial intelligence to drive sustainable growth and address global challenges.

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