MarketsandMarkets forecasts the global smart city platforms market size to grow from USD 191.6 billion in 2023 to USD 292.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period. Major factors expected to drive the growth of the smart city platforms market include need of automation in network architecture, growing need for efficient connectivity network to handle increasing, and growing number of devices on network.
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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.
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Unique Features in the Smart City Platforms Market
Real-time monitoring and optimisation of city services like waste management, electricity, and transportation are made possible by the integration of smart city platforms with a wide range of IoT devices and sensors to gather data on numerous aspects of urban life.
These systems examine the massive volumes of data gathered from IoT devices using AI algorithms and advanced data analytics, offering insightful information about trends, patterns, and possible areas for urban development.
Interoperability and integration with current city systems, applications, and infrastructure are given top priority by smart city platforms, facilitating easy departmental, agency, and stakeholder communication and collaboration.
With the use of these platforms, which include tools for social media integration, web portals, and smartphone apps, citizens may report problems, provide comments, and take part in decision-making.
By utilising data analytics to predict maintenance requirements, spot inefficiencies, and allocate resources optimally for better service delivery, smart city systems facilitate predictive maintenance and infrastructure optimisation.
Major Highlights of the Smart City Platforms Market
By offering early warning systems, emergency response coordination, and disaster recovery planning to lessen the impact of natural disasters and other catastrophes on city citizens and infrastructure, these platforms improve urban resilience and disaster management.
By offering tools for wise decision-making, transparent governance, and effective service delivery, smart city platforms enhance digital governance and service delivery while also enhancing the general quality of life for citizens.
By keeping an eye on the state of city assets like utilities, roads, and bridges, these platforms enable predictive maintenance, maximise asset longevity, and cut down on maintenance expenses. All of these features make smart infrastructure management easier.
Platforms for smart cities offer safety and security features including video surveillance, sensor-based monitoring, and predictive analytics to improve public safety, deter crime, and improve emergency response times.
By tracking energy consumption, distributing energy more efficiently, and incorporating renewable energy sources into the city’s infrastructure, these platforms improve environmental sustainability and facilitate energy management. They also help cut down on carbon emissions.
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Top Companies in Smart City Platforms Market
The major smart city platform vendors include Cisco (US), Siemens (Germany), IBM (US), Huawei (China), Hitachi (Japan), Microsoft (US), Google (US), Intel (US), Oracle (US), AWS (US), NEC (Japan), Fujitsu (Japan), Schneider Electric (France), Alibaba(China), Ericsson(Sweden), Sierra Wireless (Canada), and SICE (Spain). These players have adopted various growth strategies in the smart city platforms market. Agreements, collaborations, and partnerships, and new product launches and enhancements have been the most dominating strategies adopted by major players from 2020 to 2022, which helped them innovate their offerings and increase their customer base.
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 Telefónica Tech to provide improved performance and sustainability for built infrastructure.
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