The global market for smart city platforms is projected to have considerable CAGR of around 17.5% during the forecast period. The market growth mainly backed by the increasing government initiatives for the adoption of smart city platforms through various smart city projects across the globe. As cities across the globe witness an increase in growth, the requirement to operate efficiently, expand sustainability, and maintain a high-quality life for individuals becomes even more significant. Making cities smarter is rising as a significant area of focus for the private sector and government as well. However, with rapid urbanization becoming an inevitable fact, cities are facing increasing challenges to secure financially sustainable water and sanitation services for its citizenry. If matched with appropriate and effective ICT solutions in the form of smart city platforms, various issues within cities can be addressed appropriately and managed. Moreover, the integration of AI and Iot technology in smart city further provide significant opportunity to the market.

 Segmental Outlook  

The global smart city platforms market is segmented based on platform, and application. Based on the platform, the market is further classified into connectivity management platform, data management platform, device management platform, integration platform, and security platform . The data management platform segment is projected to have considerable share owing to the significant rise in big data analytics and growing demand of connected devices. On the basis of application the market is further segregated into smart utilities, smart mobility, smart security, smart governance, infrastructure management, and others. 

 Global smart city platforms Market Share by Application, 2019(%)

Global smart city platforms market to be driven by smart utilities application

Among application, the smart utilities segment held a considerable share in the market owing to increasing government initiatives to adopt smart solutions in order to improve the efficiency of utilities such as gas water and electricity. Moreover, growing installation of smart meters across the globe further contribute in the growth of the segmental market. For instance In Europe primarily in the UK where the Government is committed to ensuring that every home and small business in the country is offered a smart meter by the end of 2020 according to the UK energy department. This Smart Metering Program aims to roll-out over 50 million smart gas and electricity meters to all domestic properties and smart or advanced meters to smaller non-domestic sites in Great Britain impacting approximately 30 million premises. Smart meters are one of the most essential elements of any smart city owing to which there is a high demand for these products.

 Regional Outlook 

Geographically, the global smart city platforms market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. North America and Europe have considerable market share in the global smart city platforms market. North America is the home of the largest companies in terms of revenue which include Cisco systems Inc., IBM Corp., Microsoft Corp., Siemens AG, Schneider Electric SE among others. These companies are the key players contributing to the smart city platforms market and their presence is estimated to fuel the growth of the market. The government-driven initiatives to offer smart solutions in utility supply are further fueling the market growth in the region. In Europe, regional directives and national regulations are the key factors to drive the growth of the smart city platforms market. 

Global smart city platforms Market Growth, by Region 2020-2026

Asia-Pacific to hold a considerable growth in the global smart city platforms market

Geographically, Asia-Pacific is projected to hold a significant market growth in the global smart city platforms market during the forecast period. Major economies which are anticipated to contribute to Asia-Pacific smart city platforms market are China, India Japan and others. The major factors contributing to the growth of the market in the region include the rising smart city projects and partnerships for the development of smart city platforms. As per the data published by the German Asia-Pacific Business Association in March 2019, the Chinese government is pushing the development of smart cities counting around 500 pilot projects. The development of innovative smart city projects in China involves some key factors, such as digital integration, new and sustainable mobility solutions, distributed energy generation, personalized healthcare, and automated waste management. This, in turn, will drive the adoption of smart utility solutions and thereby will increase the installations of smart city platforms for efficient monitoring of utility and smart infrastructure.

  Market Players Outlook

The key players in the smart city platforms market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Cisco Systems Inc., IBM Corp., Microsoft Corp., Siemens AG, Schneider Electric SE and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global smart city platforms market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.