Smart City Platform Market to Surpass $320 Bn by 2026

  • 15 Mar 2019
  • Information & Communications Technology

The global smart city platform was valued over $100 Bn in 2018 and is expected to surpass $320 Bn by 2026. The Smart City  market is growing exponentially, in less time, smart cities has increased from minimum 24 to over 100 now. It is expected that about 600 cities are predicted to be smart cities in upcoming years. 

Rising investment for smart city platforms is a plausible result of the sustained development of it's programs. Smart city platform concept enables to connect the integration of urban services and development of technology that will enable cities to become smart by capturing and leveraging data to facilitate better decisions. In the realm of civil infrastructure, smart city platforms is an element of a broader transformation that is headed by the Internet of Things (IoT) solutions and alternate technologies. 

In the realm of urban infrastructure and services, smart city platforms is an element of a broader transformation that is being driven by the deployment of the Internet of Things (IoT) solutions and other smart city technologies. 

An enormous opportunity for vendors of smart city platform provider is open due to the implementation of integrated IoT solutions in a smart city. The various segments of IoT solutions are cloud security services, software and hardware. The adoption rate for IoT solutions is at an all-time high, this is increasing the demand for platform providers in the smart city value chain, thereby initiating profitable opportunities for them. 

 

Consulting and Architecture Designing Service is Estimated to Hold Highest Market Share

Increasing initiatives in the smart city space to make the cities safer and sustainable are driving the demand for this technology, aforementioned has resulted in the need for consultation and architecture designing service to grow steadily. 

As per FutureWise's study, the consulting and architectural designing service is poised to dominate the service segment of the smart city platforms market. 

The development of an urban infrastructure depends on competent planning and systematic integration of technology.

Surge in Demand for Hybrid Delivery Models

Hybrid delivery model offers security platform along with connectivity management platform, this model benefits the onshore as well as offshore. 

The implementation of hybrid solutions is poised to increase exponentially during the forecast period (2019-2026), owing to a broad array of functionalities and features the solutions provide.

APAC is poised to Account for Highest CAGR

APAC is paving way for smart cities and is estimated to account for the highest CAGR as compared to the other regions as there has been a rapid rise in the adoption rate of IoT and increasing demand for smart solutions. In total, the investment on IoT in APAC was $10 Bn in 2014 and is estimated to reach $59 Bn by 2020. Singapore and South Korea are estimated to be among the top 5 global markets to adopt IoT. 

There have been aggressive initiatives by the governments of countries such as China and India in the smart city space. 

North America is poised to be a major contributor to the smart city platforms market. 

Smart City Platform Market Segmentation: 
By Platform Type:  

•    Connectivity Management Platform  
•    Integration Platform  
•    Device Management Platform  
•    Data Management Platform  
•    Security Platform 

By Service: 
•    Deployment and Training  
•    Consulting and Architecture Designing 
•    Infrastructure Monitoring and Management 

By Delivery Model: 
•    Onsite segments 
•    Offshore 
•    Hybrid 

By Region:  
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World 

Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants  

 
 FutureWise Takeaways  

•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth

Objectives of the Study: 
•    To provide with an exhaustive analysis on the global smart city platform market on the basis of platform type, service, delivery model, and region
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in five key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies

Essential Questions Answered

  • How rapidly will the smart city platform market grow globally?
  • What are the key factors influencing or restraining growth of smart city platform market?
  • Key regions to focus on?
  • Who are the key players in the smart city platform market space?

 

For an in-depth analysis of this smart city platform market, contact sales@futurewiseresearch.com