Smart City Platforms Market Surges With The Momentum Of Urbanization Emerges as a Core Driver of the Smart City Platforms Market in 2025

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What Is the Expected CAGR for the Smart City Platforms Market Through 2025?
In the past few years, the market size of smart city platforms has expanded rapidly. This market is projected to grow from a size of $195.52 billion in 2024 to $217.98 billion in 2025, with a compound annual growth rate (CAGR) of 11.5%. Factors contributing to the growth in the historic period include urbanization and population increase, heightened demand for more efficient public services, government initiatives and funding, concerns about environmental sustainability, and advancements in Internet of Things (IoT) technology.

What's the Projected Size of the Global Smart City Platforms Market by 2029?
The market size for smart city platforms is projected to witness swift expansion in the coming years, reaching $351.14 billion by 2029 with a compound annual growth rate (CAGR) of 12.7%. Several factors are contributing to this forecasted surge in the coming period such as 5G network integration, emphasis on resilience and disaster management, increased citizen involvement, the widening of data analytics and predictive insights, and public-private partnerships (PPPs). Key trends expected during the forecast period encompass data initiatives and interoperability, integrating resilience and disaster management, developing smart infrastructure, implementing public-private initiatives, and employing artificial intelligence for predictive analysis.

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Top Growth Drivers in the Smart City Platforms Industry: What's Accelerating the Market?
The escalating trend of urbanization is predicted to drive the expansion of the smart city platforms market. This phenomenon sees a large number of individuals coming together in relatively smaller spaces to form urban areas, as they leave rural environments behind. The role of smart city platforms is to enhance governance and the standard of living for inhabitants. As cities become more populated, there will be a rising demand for smart city platforms, which in turn will fuel market growth. As per the records of US-based UN, an organization dealing with international peace and security, it is projected that by 2050, another 2.5 billion individuals will be city dwellers. The expected addition to urban populations by 2050 includes approximately 292 million in China and 212 million in Nigeria. The UN-Habitat, a Kenya-based agency of the United Nations focusing on human settlements, reported in July 2023 that currently 55% of the global population occupies urban regions, and this number is expected to climb to 70% by 2050. Furthermore, in April 2023, the World Bank, a US-based international financial organization, reported that more than 50% of the world's population is already living in urban areas. Thus, this increasing urbanization is a significant contributor to the development of the smart city platforms market.

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What Trends Will Shape the Smart City Platforms Market Through 2029 and Beyond?
The trend of technological innovation is gaining traction in the smart city platforms market. The main companies in this market are concentrating on creating new tech-based solutions to solidify their position in the market. As an example, Ubicquia, Inc., an American firm involved in providing smart infrastructure platforms for utilities, municipalities, and mobile operators, released UbiHub in July 2022. This product offers cities the means to establish public Wi-Fi networks and cameras that aid in monitoring traffic, ensuring public safety, and recognizing license plates. With a unique design that incorporates the industry's first built-in Wi-Fi 6 and an edge AI platform, it can be installed in a photocell socket within 30 seconds and can start delivering data shortly after. This platform allows communities and law enforcement to expand their existing streetlight infrastructure into a network of connected digital assets in a cost-effective way. It is also compatible with 360 million streetlights worldwide.

What Are the Main Segments in the Smart City Platforms Market?
The smart city platformsmarket 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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Which Top Companies are Driving Growth in the Smart City Platforms Market?
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.

Which Regions Will Dominate the Smart City Platforms Market Through 2029?
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.

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