Latest News- Smart City Platform Market: Smart infrastructure is expected to lead the Application segment during 2024-2028

The Smart City Platform Market is being driven by Growing need for building automation

The Smart City Platform Market is expected to grow at a CAGR of 23.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 59.1 billion. In today's global economy, cities play a pivotal role as centers of commerce and service provision. To attract businesses and foster economic growth, governments are investing in the development of smart cities. The integration of advanced Information and Communication Technologies (ICT) is a key component of this initiative, enabling energy conservation, waste management, and enhanced citizen services. Notably, Gulf and Asian countries are leading the way in this regard, with a focus on expanding tourism sectors and implementing smart city projects in UAE, Saudi Arabia, and beyond. These initiatives aim to optimize energy usage, improve sustainability, and ultimately, provide a higher quality of life for residents. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Smart infrastructure
  • Smart building
  • Smart utilities
  • Others
• Offering
  • Connectivity management platforms
  • Integration platforms
  • Device management platforms
  • Data management platforms
  • Security platforms
• Services
  • Professional services
  • Managed services
• Component
  • Software Platforms
  • Hardware Solutions
  • Services
• End-User
  • Government
  • Commercial Enterprises
  • Residential Communities
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
    • Spain
  • APAC
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing need for building automation
• Rapid urbanization in emerging economies
• Rising demand for microgrids in military applications

However, the market also witnesses some limitations, which are as follows:

• High switching and installation costs
• High implementation costs
• Interoperability challenge

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Market Scope in Smart City Platform Market Research Report

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Research Analysis Overview

In the realm of urban development, the Smart City Platform Market is revolutionizing city governance through integrated data from connected devices. Real-time insights yield operational efficiency, sustainable development, and urban resilience. City data platforms facilitate urban analytics, enabling smart city innovation and future-proof urban technology. Smart city architecture and design implementations deploy digital cities, transforming the urban landscape. Urban future strategies prioritize smart city investment, funding, grants, and regulations for a sustainable, efficient, and technologically advanced city ecosystem.

Market Research Overview

The Smart City Platform Market encompasses businesses specializing in data analytics, smart infrastructure, traffic management, urban planning, smart lighting, smart parking, and smart waste management solutions. These companies operate within the broader IT software industry, contributing to the application software segment. Our market analysis at Technavio focuses on estimating the market size by aggregating the revenues of organizations providing IT software solutions for smart city applications, including cloud-based offerings. This assessment excludes entities classified under interactive home entertainment or systems software categories.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/