Dublin, April 11, 2023 (GLOBE NEWSWIRE) -- The "Global Smart City Platforms Market by Offering (Platforms (Connectivity Management, Integration, Device Management) and Services), Delivery Model (Offshore, Hybrid, On-site), Application (Smart Transportation and Public Safety) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The smart city platforms market is estimated at USD 191.6 billion in 2023 and is projected to reach USD 292.1 billion by 2028, at a CAGR of 8.8% from 2023 to 2028.
The presence of various key players in the ecosystem has led to competitive and diverse market. Government initiatives to establish smart cities is expected to drive the adoption of the smart city platforms market in the future.
By Services, professional services segment to hold the largest market size during the forecast period
Professional services are services offered through professionals, specialists, or experts to support business operations. The innovative techniques, strategies, and skills adopted by professionals encourage the adoption of smart city platforms. Service providers offer customized implementation and integration of smart city platforms with legacy solutions and assist customers, following industry-defined best practices. Vendors offering deployment services cover all phases of platform deployment, right from auditing, consulting, deployment, support, and training to ongoing performance optimization.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific comprises nations with rapid technological development, such as China, Japan, and India. Asia Pacific is home to several developing countries that are experiencing rapid urbanization. This offers enormous business opportunities for smart city platform vendors even while presenting grave challenges for sustainable development.
In recent years, Asia Pacific has successfully facilitated cooperation projects under the low-carbon model town and IoT-based smart cities and has gathered valuable experience in the process, which can be shared among the member economies. The overall focus of the region towards smart city initiatives offers opportunities for smart city platform providers.
Market Dynamics
Drivers
- Preference for Platforms Over Standalone Solutions
- Exponential Rise in Urban Population Resulting in Need for Smart Management
- Increasing Adoption of IoT Technology for Infrastructure Management and City Monitoring
- Inefficient Utilization of Resources in Emerging Economies
- Digital Transformation Augmenting Scope for Smart Cities
- Heavy IoT Investments
- Availability of Low-Cost Sensors
Restraints
- Cost-Intensive Infrastructure of Smart City Platforms
- Possibility of Privacy and Security Breaches in Smart City Platforms
- Lack of Standardization in IoT Protocols
Opportunities
- Development of Smart Infrastructure
- Industrial and Commercial Deployment of Smart City Platforms
- Rising Smart City Initiatives Worldwide
Challenges
- Increasing Concern Over Data Privacy and Security
- Growing Cybersecurity Attacks due to Proliferation of IoT Devices
- Disruption in Logistics and Supply Chain of IoT Devices
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 290 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $191.6 Billion |
| Forecasted Market Value (USD) by 2028 | $292.1 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Smart City Platforms Market, by Offering
6.1 Introduction
6.2 Platforms
6.3 Services
7 Smart City Platforms Market, by Delivery Model
7.1 Introduction
7.2 Offshore
7.2.1 Growing Preference for Cost-Effective and Flexible Solutions
7.3 Hybrid
7.3.1 High Demand due to Need for Secure and Sustainable Tools to Build Smart Cities
7.4 On-Site
7.4.1 Requirement for Timely Problem-Solving to Increase Demand
8 Smart City Platforms Market, by Application
8.1 Introduction
8.2 Smart Transportation
8.3 Public Safety
8.4 Smart Energy & Utility
8.5 Infrastructure Management
8.6 Citizen Engagement
9 Smart City Platforms Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Adjacent/Related Markets
13 Appendix
Companies Mentioned
- 75F
- Alibaba
- Aws
- Bosch.Io
- Cisco
- Cleverciti
- Confidex
- Enevo
- Ericsson
- Fujitsu
- Fybr
- Hitachi
- Huawei
- Ibm
- Igor
- Intel
- Kaaiot Technologies
- Ketos
- Microsoft
- Nec
- Oracle
- Quantela
- Sap
- Schneider Electric
- Sice
- Siemens
- Sierra Wireless
- Siradel
- Smarter City Solutions
- Softdel
- Telensa
- Thethings.Io
- Ubicquia
- Verdigris Technologies
For more information about this report visit https://www.researchandmarkets.com/r/u98slr
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