The global 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 exponentialrise in urban population are expected to drive the adoption of smart city platform solutions 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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Smart cities are functional city systems built on smart infrastructure, including smart lighting systems, building automation systems, emergency management systems, security and access control systems, intelligent grids, renewable power, water treatment and supply, and transportation. Many end users are attempting to integrate information from these disparate systems to provide a holistic view of the overall performance and state of the city and its various functions
Some of the key players operating 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), 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). These smart city platforms vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global smart city platforms market.
IBM was founded in the year 1911 and is headquartered in Armonk, US. IBM is one of the leading providers of a broad range of hardware, software, and related services. These software and services are required for various areas, ranging from mainframe computers to nanotechnology. The company also specializes in cloud, mobile, security, research, Watson analytics, consulting, commerce, experience design, IoT, technology support, industry solutions, system services, IT infrastructure, resiliency services, and financing. It provides business consulting, technology, financing, industry expertise, and training. IBM offers various solutions through its smart intelligence platform for smart cities. It provides various smart energy and smart water solutions, including IBM Intelligent Utility Network, IBM Intelligent Water, IBM Enterprise Asset Management (Energy and Water Utilities), IBM Water Management Center, Customer Operations Transformation, Smart Metering, and Energy Optimization and IBM Intelligent Transportation to collect data and create actionable intelligence. The company offers smart city platforms, such as IBM Smarter City Solutions, that draw insights through more than 2,000 smarter city engagements globally. The solution enables the enhancement of the quality of services provided to citizens and businesses while also improving the efficacy of city operations. The solution enables end users to collect information from a wide variety of sources and leverage the same for better decision making, anticipating issues efficiently, enabling coordination and resource utilization effectively, and integrating information across departments and agencies.
Siemens was founded in the year 1847 and is headquartered in Munich, Germany. Siemens is one of the global market leaders in industrial automation. It specializes in electrical engineering and electronics-related products and services. The company’s principal divisions are industry, energy, healthcare, and infrastructure and cities. The company has a huge list of clients located across North America, APAC, MEA, Europe, and Latin America. The company offers a wide array of IoT solutions to the smart cities space. In the arena of smart cities, the company provides solutions for smart buildings, smart transportation, and smart grids. It provides various smart transportation products and solutions, including rail automation, automatic train control, Communications-Based Train Control (CBTC), traffic control center, urban traffic control, parking space management, tolling, and integrated smart parking. It designs and delivers various real-time products by leveraging the latest leading-edge technologies in transportation systems and automotive electronics. It is present in over 200 countries across the globe. Siemens offers a wide range of solutions under its smart city platform, named City Intelligence Platform (CIP). Its building solutions include the Building Automation System (BAS) with features such as centralized and intelligent energy handling and innovative energy-saving functions. It also facilitates seamless communication between all system components and procedures functioning within buildings. In the smart grid and energy automation category, it provides integrated IT/Operational Technology (OT) solutions, condition monitoring, smart communication, protection, smart metering, power quality and measurement, smart grids, distribution grid applications, product lines, control centers, substation automation, Remote Terminal Units (RTUs), and cybersecurity solutions. For smart mobility, the company provides traffic control center platforms, parking space management solutions, toll systems, road services, urban traffic technologies, eBus/eBRT, and integrated smart parking solutions.
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