Smart City Platforms Market worth $236.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 17, 2020 /PRNewswire/ -- According to a research report "Smart City Platforms Market by Offering (Platforms (Connectivity Management Platform, Integration Platform, Device Management Platform, Security Platform, and Data Management Platform) and Services), Delivery Model, and Region - Global Forecast to 2025" published by MarketsandMarkets™, the Smart City Platforms Market size is expected to grow from USD 138.7 billion in 2020 to USD 236.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period.
The major growth drivers for the market include exponentially rising urban population actuating smart management, rising preference for platforms over standalone solutions, increasing adoption of the IoT technology for infrastructure management and city monitoring, and rising digital transformation initiatives driving the smart cities.
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Among platform types, the connectivity management platform to grow at the highest CAGR during the forecast period
The connectivity management platform enables enterprises to deploy end-to-end connectivity solution delivering seamless integration. This platform reduces additional costs and operational overheads while delivering an intelligent network of connected things. The connectivity management platform is estimated to show the highest market share in 2018 and expected to witness strong growth characteristics in the coming years. This dominance is characterized by the ongoing smart city developments specifically in the developing regions.
Among services, the managed services segment is expected to grow rapidly during the forecast period
Managed services assist clients in outsourcing smart city platforms to service providers for efficiently managing their key operations of smart city infrastructure. Companies are rapidly handing over their smart city infrastructure and asset security to specialized service providers, such as Managed Security Service Providers (MSSPs). Managed services ecure data generated from the infrastructure and ensure data confidentiality, integrity, and availability.
In terms of regions, North America is expected to account for the largest market size duringthe forecast period
North America is expected to be the major revenue contributor to the Smart City Platforms Market. The growth in this region is expected to be driven by the increasing demand for smart cities solutions, such as connected vehicles, building energy optimization, and distribution management system. Moreover, the US is one of the major countries which took up the smart city initiatives and have made notable developments in the smart city space. The deployment of smart cities solutions in different segments, such as smart transportation, smart buildings, smart utilities, and smart citizen services, is already on the rise in APAC.
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In the Smart City Platforms Market, the key and emerging market players include Alibaba (China), AWS (US), Bosch.io (Germany), CIMCON Lighting (US), Cisco (US), Ericsson (Sweden), Fujitsu (Japan), Fybr (US), Google (US), Hitachi (Japan), Huawei (China), IBM (US), Intel (US), KaaIoT Technologies (US), Microsoft (US), NEC (Japan), Oracle (US), SAP (Germany), Schneider Electric (France), SICE (Spain), Siemens (US), Sierra Wireless (Canada), Siradel (France), Smarter City Solutions (Australia), thethings.iO (US), and Ubicquia (US).
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