According to Future Market Insights’ market analysis report, global sales of the Smart City Platforms Market in 2022 were valued at USD 157.6 billion. The market is estimated to increase at an 11% annual rate between 2023 and 2023. The market is expected to reach a high valuation of USD 175 billion in 2023 and USD 496.9 billion by 2033.
IoT connects businesses and governments to all smart potential, including smart transportation, smart cities, and smart utilities, providing real-time location-based data. IoT generates large amounts of data in real time from a variety of sources.
Deploying IoT solutions in smart city efforts requires collaboration from a variety of stakeholders, including telecom carriers, service companies, infrastructure providers, producers, and the government sector. Governments all over the world employ the public-private partnership (PPP) model to boost smart city initiatives.
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5G and NB-IoT developments, in particular, are expected to move the smart city platforms sector forward. These technologies are used not just to improve the lives of people, but also for security, confidentiality, and environmental sustainability.
North America’s entrepreneurial environment is expanding significantly than that of other countries. Rapid digitalization across multiple verticals, increased use of smart linked devices, and significant technological discoveries have all led to the development of the region’s smart city platforms business.
Key Takeaways
- The market has grown at a CAGR of 12% during the last five years.
- Europe’s smart city platforms market is anticipated to expand by 8% year on year by 2033.
- With a market size of USD 145 billion throughout the forecast period, North America is poised to represent the high share of the worldwide smart city platforms market.
- By the end of 2033, the United States is predicted to have a significant market share of USD 130 billion.
- From 2023 to 2033, the platforms segment is expected to develop at a notable CAGR of around 9.5%.
Competitive Landscape
Several companies are focusing on organic growth tactics such as product approvals and new product launches. Mergers and acquisitions, partnerships, and collaborations were among the strategies mentioned in the sector. These policies have paved the path for market participants to expand their operations and develop their distribution networks.
- Juganu, an Israeli producer of LED lighting and communication technology, has teamed up with Qualcomm, Nokia, and Abdi to showcase its 5G and smart cities technologies in March 2022. Juganu and Qualcomm have collaborated on smart city and communication initiatives in Brazil and the United States for many years.
- In May 2022, Datumate signed a strategic marketing relationship with Hitachi Solutions to expand the adoption of digital technologies in Japan and around the world. Under the multi-year strategic collaboration agreement, Hitachi Solutions, Ltd. will include Datumate’s construction analysis infrastructure in its expert services offerings.
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Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global smart city platforms market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Offering (Platforms (Connectivity Management Platform, Integration Platform, Device Management Platform, Security Platform, Data Management Platform), Services (Professional Services, Managed Services)), By Delivery Model (Offshore, Hybrid, Onshore), By Application (Smart Transportation, Public Safety, Smart Energy & Utility, Infrastructure Management, Citizen Engagement), & Region.
Segments Covered in the Smart City Platforms Market Analysis
By Offering:
- Platforms
- Connectivity Management Platform
- Integration Platform
- Device Management Platform
- Security Platform
- Data Management Platform
- Services
- Professional Services
- Managed Services
By Delivery Model:
- Offshore
- Hybrid
- Onshore
By Application:
- Smart Transportation
- Public Safety
- Smart Energy & Utility
- Infrastructure Management
- Citizen Engagement
By Region:
- North America
- Europe
- Asia Pacific
- The Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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