Press release
Smart City Platforms Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Smart City Platforms Market
How Big Is the Smart City Platforms Market Size Expected to Be by 2034?
The market size for smart city platforms has experienced rapid expansion in the past few years. It is projected to surge from $195.52 billion in 2024 to $219.32 billion in 2025, boasting a compound annual growth rate (CAGR) of 12.2%. The historic period growth owes its success to factors such as increasing urbanization and population growth, higher demand for effective public services, governmental initiatives and financial support, concerns around environmental sustainability, and advancements in Internet of Things (IoT) technology.
Expectations are high for the smart city platforms market to experience substantial growth in the upcoming years. By 2029, its valuation is projected to reach $358.09 billion, with a compound annual growth rate (CAGR) of 13.0%. Factors contributing to the growth in the forecast period include the integration with 5G networks, the focus on resilience and disaster management, increased citizen involvement, expansion of data analytics and predictive insights, and public-private partnerships (PPPs). Key trends to look out for during the forecast period are the initiation of open data initiatives and interoperability, integration of resilience and disaster management, the development of smart infrastructure, public-private partnerships for execution, and the use of artificial intelligence for predictive analytics.
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What Are the Emerging Segments Within the Smart City Platforms Market?
The smart city platforms market covered in this report is segmented -
1) By Offering: Platforms, Services
2) By Deployment Model: On Premise, Cloud
3) By Delivery Model: Offshore, Hybrid, Onshore
4) By Application: Smart Infrastructure, Smart Governance and Smart Education, Smart Energy, Smart Mobility, Smart Healthcare, Smart Buildings, Other Applications
Subsegments:
1) By Platforms: Smart Mobility Platforms, Smart Energy Platforms, Smart Water Management Platforms, Smart Waste Management Platforms, Smart Lighting Platforms
2) By Services: Consulting Services, Integration Services, Data Analytics Services, Maintenance And Support Services, Training And Development Services
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What Long-Term Drivers Are Shaping Smart City Platforms Market Trends?
The smart city platforms market stands to benefit from the surge in urbanization. This phenomenon describes the trend of people choosing to reside permanently in relatively compact regions, effectively forming cities as they transition from rural to urban living. These platforms serve to enhance the management of urban environments and improve the living conditions for city dwellers. The rising pace of urbanization necessitates the need for smart city platforms, thus driving the market. The US-based UN forecasts that an additional 2.5 billion people will inhabit cities by 2050; approximately 292 million of these will be in China, and 212 million in Nigeria. For instance, the UN-Habitat, which is a United Nations agency for human settlements based in Kenya, revealed in July 2023 that currently, 55% of the world's population live in urban areas, a figure estimated to rise to 70% by 2050. Meanwhile, in April 2023, the US-based international financial institution, the World Bank, stated that over half the global population is residing in urban regions. Consequently, it is this uptick in urbanization that is propelling the advancement of the smart city platforms market.
Who Are the Top Competitors in Key Smart City Platforms Market Segments?
Major companies operating in the smart city platforms market include Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, AT&T Inc., Dell Technologies Inc., Huawei Technologies Co Ltd., Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Schneider Electric SE, ABB Ltd, Telefonaktiebolaget LM Ericsson, Ericsson, Johnson Controls International plc, NEC Corporation, SAS Institute Inc., Advantech Co Ltd., Parametric Technology Corporation., Cubic Corporation, Cradlepoint Inc., Bosch IO GmbH, Quantela Inc.
What Are the Major Trends Shaping the Smart City Platforms Market?
The rise in technological innovation is a notable trend emerging in the smart city platforms market. Major players in this market are shaping novel technological approaches to enhance their standing. For instance, a US-based company, Ubicquia, Inc., that provides intelligent infrastructure platforms for municipalities, utilities, and mobile operators, introduced UbiHub in July 2022. This product enables cities to install public Wi-Fi and cameras that aid in traffic data analysis, public safety, and license plate recognition. The distinguishing feature is that it's the first platform in the industry that integrates Wi-Fi 6 and an edge AI platform, which can be installed into a photocell socket in just 30 seconds and starts delivering data within minutes. This allows communities and law enforcement agencies to transform their existing streetlight infrastructure into a network of connected digital assets in a cost-effective manner. It is compatible with 360 million streetlights worldwide.
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Which Regions Are Becoming Hubs for Smart City Platforms Market Innovation?
North America was the largest region in the smart city platforms market in 2024. The regions covered in the smart city platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart City Platforms Market?
2. What is the CAGR expected in the Smart City Platforms Market?
3. What Are the Key Innovations Transforming the Smart City Platforms Industry?
4. Which Region Is Leading the Smart City Platforms Market?
Why This Report Matters:
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Efficient Research: Quickly identify market growth, leading players, and major segments.
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