(IT-NEWSWIRE.COM, November 09, 2022 ) 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 , according to a new report by MarketsandMarkets™. Various factors such as increase in adoption of IoT technology for infrastructure management and city monitoring and exponential rise in urban population are expected to drive the adoption of smart city platforms solutions and services.
Smart city platforms offer a middleware operational capability, wherein multiple software and hardware can be integrated, along with several communication protocols, to deliver latent-free solutions for smart cities. Smart city platforms provide a common level of abstraction and manage information from multiple smart city solutions and systems. These platforms perform many functions, including analytics, remote asset monitoring, performance management, decision support and/or presentation components.
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Smart cities integrate multiple technologies to enable the development of a smarter economy, smarter mobility, smarter environment, smarter people, smarter living, and smarter governance. A smarter city would encompass the aspects of smart transportation, security, energy management, controlled carbon emissions, and sustainability. In terms of bureaucratic administration, technological capabilities, monetary welfare, and socio-economic specifications, smart cities are highly differentiated. A majority of the smart cities across the world, each with a population surpassing 500,000, are growing at a rate faster than the average urban growth. This growth opens up new market opportunities for the industry players to grow their businesses in the smart cities industry. According to primary respondents, over the next 20 years, investments worth USD 30–40 trillion are likely to be made in advanced infrastructure facilities for the appropriate functioning of smart city services. Smart transportation is the core segment of the infrastructure development of cities. Market players are significantly investing in R&D to upgrade technologies and develop new products for smart transportation. The market has been segmented based on offering, delivery model, application, and region. This market research report presents a detailed segmental analysis, market sizing, and forecasts the growth trends of segments of the smart city platforms market.
Based on offering, the smart city platforms market has been segmented into platforms and services. The platforms segment is estimated to lead the market in 2021. The growth of this segment can be attributed to the rising adoption of IoT technology for smart city applications and the ongoing digital transformation.
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Based on platform type, the smart city platforms market has been further classified into connectivity management platforms, integration platforms, device management platforms, security platforms, and data management platforms. Connectivity is the backbone of any smart city infrastructure; thus, the connectivity management platforms segment is estimated to account for the largest market share in 2021 and is expected to witness the fastest-growth trend in the coming years. A connectivity management platform primarily encompasses the integration of multiple hardware and software with communication protocols and delivers an enhanced customer experience. After connectivity management platforms, integration platforms are widely deployed, owing to their capability of integrating with different software.
Based on service, the smart city platforms market has been segmented into professional services and managed services. Enterprises opt for professional services since they are focused on improving the processes of smart cities and optimizing smart city operations. As the market for smart city platforms gains traction, the demand for professional services is also expected to increase, especially for consulting, deployment, infrastructure management, and training services.
The professional services offered by the smart city platforms have been classified into consulting & architecture designing, deployment & training, and infrastructure monitoring & management. The deployment and training segment is projected to account for the largest share of the market in 2021. Deployment & training services help deploy the best-in-class solutions, independent of the vendor, to develop highly optimized smart city solutions. Owing to the ongoing innovations, a large number of SMEs are coming up with rapidly evolving technologies, intriguing a large number of smart cities to adopt smart city platforms. Hence, the consulting & architecture designing segment is projected to exhibit the fastest growth rate during the forecast period. Infrastructure management & monitoring service is an ongoing process for every smart city; thus, the segment is expected to maintain a steady revenue stream for smart city platform providers.
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By delivery model, the smart city platforms market has been segmented into offshore, hybrid, and on-site models. In the hybrid delivery model, the deployment of the solution is at the customer’s site, and the maintenance and upgrades are done at the customer’s site. Some parts of the solution are handled remotely from the vendor’s end and some from the customer’s site. The overall adoption of hybrid solutions is expected to increase during the forecast period, due to the wide range of functionalities and core features provided by hybrid solutions. Additionally, low cost and ease of implementation have made hybrid a preferred delivery model.
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Content Source: https://www.globenewswire.com/news-release/2022/10/10/2531165/0/en/Smart-City-Platforms-Market-to-Grow-258-2-Billion-By-2026-Report-by-MarketsandMarkets.html
Mr. Aashish Mehra