The global Smart City Platforms Market size
is estimated at USD 191.6 billion in 2023 and is projected to reach USD
292.1 billion by 2028, at a CAGR of 8.8% from 2023 to 2028, according to report
published by MarketsandMarkets. The
growing mobile subscriber base, broadband penetration, and the adoption of
advanced technologies across businesses drive the smart city platforms market.
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Leading Companies in Smart City Platforms Market:
·
Alibaba Group Holding Limited (China)
·
Amazon Web Services
·
Inc. (US)
·
Bosch.IO GmbH (Germany)
·
Quantela
·
Inc. (US)
·
Cisco Systems
·
Inc. (US)
·
Ericsson (Sweden)
·
Fujitsu Limited (Japan)
·
Fybr (US)
By offering, platforms are estimated to account for the largest
market share in 2023.
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 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. Rising urbanization
resulting in increasing demand for space optimization and asset management is
encouraging vendors to enhance the capabilities of their platforms.
Managed services are expected to register the fastest growth rate
during the forecast period.
Managed service providers (MSPs) assist clients in efficiently
managing key operations of smart city infrastructure. MSPs handle end-to-end
deployment and after-sales services for the deployed smart city platforms.
Smart city platforms and systems need to be upgraded regularly to detect
physical attacks on smart city infrastructure and counter newly introduced
cyber threats, attacks, ransomware, and sophisticated cybercriminals. As a
result, companies are rapidly handing over their smart city infrastructure and
asset security to specialized service providers, such as Managed Security
Service Providers (MSSPs), who help secure data generated from the
infrastructure and ensure data confidentiality, integrity, and availability.
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Asia Pacific is likely to emerge as the fastest-growing market
during the forecast period
Asia Pacific is anticipated to have highest CAGR for the
forecasted period. Asia Pacific is an emerging smart city platforms 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 has already declared
completion of most of its smart city projects, while the other countries in the
region are still in the initial development phase. China is the biggest marketplace
in the Asia Pacific region in terms of developing IoT technology for smart
cities. In Asia Pacific, around 311 cities were selected for transformation
into smart cities in 2013; significant progress has been observed in nearly 80
cities.
Top Key Companies:
The major vendors covered in the smart city platforms market
include Alibaba Group Holding Limited (China), Amazon Web Services, Inc. (US),
Bosch.IO GmbH (Germany), Quantela, Inc. (US), Cisco Systems, Inc. (US),
Ericsson (Sweden), Fujitsu Limited (Japan), Fybr (US), Google LLC (US),
Hitachi, Ltd. (Japan), Huawei Technologies Co., Ltd. (China), IBM (US), Intel
Corporation (US), KaaIoT Technologies (US), Microsoft (US), NEC Corporation
(Japan), Oracle Corporation (US), SAP SE (Germany), Schneider Electric (France),
SICE (Spain), Siemens AG (Germany), Sierra Wireless Inc. (Canada), SIRADEL SAS
(France), Smarter City Solutions (Australia), Thethings.Io (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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