According to a market research report "Smart City Platforms Market by Offering (Platforms
(Connectivity Management, Integration, Device Management, Security, Data
Management) and Services), Delivery Model, Application (Smart Transportation,
Public Safety), and Region - Global Forecast to 2026" published by
MarketsandMarkets, 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. 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 and services.
In a
short time, the COVID-19 outbreak has affected markets and customer behaviors
and substantially impacted economies and societies. Healthcare,
telecommunication, media and entertainment, utilities, and government verticals
function day and night to stabilize conditions and facilitate prerequisite
services to every individual. The telecom sector, in particular, is playing a
vital role across the globe to support the digital infrastructure of countries
amid the COVID-19 pandemic.
Browse and in-depth TOC on “Smart City
Platforms Market”
285 - Tables
40 - Figures
314 - Pages
According
to Fujitsu’s Global Digital Transformation Survey, offline organizations were
damaged more, while online organizations witnessed growth in online demand and
an increase in revenue. 69% of the business leaders from online organizations
have indicated that they witnessed an increase in their business revenue in
2020. In contrast, 53% of offline organizations saw a drop in revenues.
Innovative
IoT-based smart city solutions, which can be effectively coupled with big data,
analytics, cloud, security, and network connectivity, are witnessing massive
demand from various sectors. The adoption of IoT technology in smart city
applications, such as smart utilities and smart citizen services, is expected
to raise the adoption of smart city platforms during the pandemic as regulatory
authorities of various countries are majorly focused on monitoring health,
safety, and living standards of their citizens. To cater to the need for
managing IoT devices across various cities, IoT solutions vendors need to
enhance the management capabilities of their platforms.
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The
platforms segment to hold a larger market size during the forecast period
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 can be utilized as a technology suite or an open, general-purpose
application platform or as both. Smart city platforms are engineered to support
the requirements of safety, security, and mission criticality associated with
industrial assets and their operating environments. These platforms monitor IoT
endpoints and event streams and support and translate a variety of manufacturer
and industry proprietary protocols. 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. Different smart city platforms considered in the study include
connectivity management platform, integration platform, device management
platform, security platform, and data management.
Connectivity
management platforms segment to account for higher CAGR during the forecast
period
The
connectivity management platform segment reduce additional costs and
operational overheads while delivering an intelligent network of connected
things. Moreover, this platform primarily deal with connectivity operations
across infrastructure that are carried out through cellular connectivity, Low
Power Wide Area Network (LPWAN), and Wi-Fi.The growth of the segment is driven
by the ongoing smart city developments, specifically in developing regions.
Moreover, connectivity being the backbone of any smart infrastructure, the
growth rate of the connectivity management platform segment is relatively high
as compared to other platforms.
Professional
services segment to hold a larger market size during the forecast period
Professional
services are services offered through professionals, specialists, or experts to
support business operations. These services include deployment and training,
consulting and architecture designing, and infrastructure monitoring and
management services. The latest techniques, strategies, and skills adopted by
professionals encourage the adoption of smart city platforms. They also offer
customized implementation and integration of smart city platforms with legacy
solutions and assist customers following industry-defined best practices. As
far as deployment services are concerned, vendors cover all phases of platform
deployment, right from auditing, consulting, deployment, support, training to
ongoing performance optimization.
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Hybrid
delivery model segment to have a higher CAGR during the forecast period
In the
hybrid delivery model, the deployment of the solution is at the customer’s
site, which is similar to the offshore model. Maintenance and upgradations are
done at the customer’s site, while some parts of the solutions are handled
remotely from the vendor’s site and some from the customer’s site. The hybrid
delivery model is highly adopted, owing to the connectivity management and
security platforms. In this delivery model, the benefits of both the on-site
and offshore models can be harnessed. Moreover, hybrid solutions deliver a wide
range of functionalities and core features, fueling the overall adoption of
hybrid solutions during the forecast period.
APAC
to hold higher CAGR during the forecast period
Asia
Pacific is an emerging smart city platform market. China, Japan, and Australia
are the major countries contributing to the growth of the market in the region.
Asia Pacific also houses other major economies, such as Singapore, South Korea,
and India. Japan and China are among the largest manufacturing economies that
produce automobiles, information technology products, and electronic products.
The smart city platform paradigm has changed considerably with the growing
popularity of advanced technologies such as robotics and big data analytics.
Major
vendors in the global smart city platforms Alibaba Group Holding Limited
(China), Amazon Web Services, Inc. (US), Bosch.IO GmbH (Germany), Quantela,
Inc. (US), Cisco Systems, Inc. (US), Telefonaktiebolaget LM Ericsson (Sweden),
Fujitsu Limited (Japan), Fybr(US), Google LLC (US), Hitachi, Ltd. (Japan),
Huawei Technologies Co., Ltd. (China), International Business Machines
Corporation (US), Intel Corporation (US), KaaIoT Technologies, LLC. (US),
Microsoft Corporation (US), NEC Corporation (Japan), Oracle Corporation (US),
SAP SE (Germany), Schneider Electric(France), SOCIEDAD IBÉRICA DE
CONSTRUCCIONES ELÉCTRICAS, S.A. (Spain), Siemens AG (Germany), Sierra Wireless
Inc. (Canada), SIRADEL SAS (France), Smarter City Solutions(Australia), NEXT
BIG THING LABS S.L. (Spain), Ubicquia, Inc (US). Verdigris Technologies, Inc
(US), Softdel (US), Igor, Inc (US), Telensa Inc (UK), Enevo Inc. (US), Confidex
Ltd (Finland), 75F(US), Ketos(US), and Cleverciti Systems GmbH (Germany).
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