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, there is a growing trend towards the development of smart cities. Governments worldwide are investing heavily in ICT infrastructure to enhance energy conservation and waste management, thereby promoting sustainability and optimization. Notably, Gulf and Asian countries, including UAE and Saudi Arabia, are leading the charge with ambitious plans to expand their tourism sectors and create smart cities. These initiatives aim to offer advanced facilities and increased satisfaction to residents and visitors alike. 

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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
• 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 Smart City Platforms, the focus is on enhancing 'Quality of Life' through the implementation of advanced 'Smart Technologies'. These include 'Data Analysis' and 'Environmental Initiatives' for a 'Data-Driven Environment'. 'Infrastructure' is strengthened with 'Connected Solutions' like 'Public Transportation' and 'Smart Surveillance Cameras'. 'Edge Computing' and 'Cloud Computing Services' power 'Machine Learning' and 'Artificial Intelligence (AI)' for efficient 'City Plans'. 'Machine-to-Machine Communications' and 'Mesh Networks' enable 'Smart Parking' and 'Smart Traffic Management'. 'Energy Conservation' and 'Environmental Efficiencies' are promoted through 'Smart Grid Technologies'. 'Climate Change' and 'Air Pollution' mitigation are key, with 'Waste Management' and 'Sanitation' solutions ensuring a cleaner city.

Market Research Overview

The Smart City Platform Market is a segment of the global application software industry, focusing on enhancing urban living through Quality of Life solutions. Key components include Data Analysis for effective city planning, Smart Technologies for infrastructure optimization, and Environmental Initiatives to reduce carbon footprints. Public Transportation systems are modernized with Data-Driven Environments, while city plans are executed using advanced City Platforms. Smart Surveillance Cameras ensure public safety, all integrated into a Data-Driven Environment. Technavio sizes the market by aggregating the revenues of companies providing these solutions, including cloud-based platforms. This market excludes those engaged in interactive home entertainment or producing systems or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/