Smart City Platforms Market worth $258.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 29, 2021 /PRNewswire/ -- According to a new market research report "Smart City Platforms Market by Offering (Platforms (Connectivity Management, Integration, Device Management, Security, Data Management) and Services), Delivery Model, Application (Smart Transportation, Public Safety), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Smart City Platforms Market size to grow from USD 156.1 billion in 2021 to USD 258.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.6 % during the forecast period. Various factors such as increase in adoption of IoT technology for infrastructure management and city monitoring and exponential rise in urban population are expected to drive the adoption of smart city platforms and services.
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In a short time, the COVID-19 outbreak has affected markets and customer behaviors and substantially impacted economies and societies. Healthcare, telecommunication, media and entertainment, utilities, and government verticals function day and night to stabilize conditions and facilitate prerequisite services to every individual. The telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic.
According to Fujitsu's Global Digital Transformation Survey, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of the business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues.
Innovative IoT-based smart city solutions, which can be effectively coupled with big data, analytics, cloud, security, and network connectivity, are witnessing massive demand from various sectors. The adoption of IoT technology in smart city applications, such as smart utilities and smart citizen services, is expected to raise the adoption of smart city platforms during the pandemic as regulatory authorities of various countries are majorly focused on monitoring health, safety, and living standards of their citizens. To cater to the need for managing IoT devices across various cities, IoT solutions vendors need to enhance the management capabilities of their platforms.
The platforms segment to hold a larger market size during the forecast period
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 can be utilized as a technology suite or an open, general-purpose application platform or as both. Smart city platforms are engineered to support the requirements of safety, security, and mission criticality associated with industrial assets and their operating environments. These platforms monitor IoT endpoints and event streams and support and translate a variety of manufacturer and industry proprietary protocols. 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. Different smart city platforms considered in the study include connectivity management platform, integration platform, device management platform, security platform, and data management.
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Connectivity management platforms segment to account for higher CAGR during the forecast period
The connectivity management platform segment reduce additional costs and operational overheads while delivering an intelligent network of connected things. Moreover, this platform primarily deal with connectivity operations across infrastructure that are carried out through cellular connectivity, Low Power Wide Area Network (LPWAN), and Wi-Fi.The growth of the segment is driven by the ongoing smart city developments, specifically in developing regions. Moreover, connectivity being the backbone of any smart infrastructure, the growth rate of the connectivity management platform segment is relatively high as compared to other platforms.
Professional services segment to hold a larger market size during the forecast period
Professional services are services offered through professionals, specialists, or experts to support business operations. These services include deployment and training, consulting and architecture designing, and infrastructure monitoring and management services. The latest techniques, strategies, and skills adopted by professionals encourage the adoption of smart city platforms. They also offer customized implementation and integration of smart city platforms with legacy solutions and assist customers following industry-defined best practices. As far as deployment services are concerned, vendors cover all phases of platform deployment, right from auditing, consulting, deployment, support, training to ongoing performance optimization.
Hybrid delivery model segment to have a higher CAGR during the forecast period
In the hybrid delivery model, the deployment of the solution is at the customer's site, which is similar to the offshore model. Maintenance and upgradations are done at the customer's site, while some parts of the solutions are handled remotely from the vendor's site and some from the customer's site. The hybrid delivery model is highly adopted, owing to the connectivity management and security platforms. In this delivery model, the benefits of both the on-site and offshore models can be harnessed. Moreover, hybrid solutions deliver a wide range of functionalities and core features, fueling the overall adoption of hybrid solutions during the forecast period.
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APAC to hold higher CAGR during the forecast 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 and China are among the largest manufacturing economies that produce automobiles, information technology products, and electronic products. The smart city platform paradigm has changed considerably with the growing popularity of advanced technologies such as robotics and big data analytics.
Key Players:
Major vendors in the global Smart City Platforms Market Alibaba Group Holding Limited (China), Amazon Web Services, Inc. (US), Bosch.IO GmbH (Germany), Quantela, Inc. (US), Cisco Systems, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden), Fujitsu Limited (Japan), Fybr(US), Google LLC (US), Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), International Business Machines Corporation (US), Intel Corporation (US), KaaIoT Technologies, LLC. (US), Microsoft Corporation (US), NEC Corporation (Japan), Oracle Corporation (US), SAP SE (Germany), Schneider Electric(France), SOCIEDAD IBÉRICA DE CONSTRUCCIONES ELÉCTRICAS, S.A. (Spain), Siemens AG (Germany), Sierra Wireless Inc. (Canada), SIRADEL SAS (France), Smarter City Solutions(Australia), NEXT BIG THING LABS S.L. (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).
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