Smart City Platforms Global Market Report 2024

The smart city platforms market size has grown rapidly in recent years. It will grow from $176.32 billion in 2023 to $199.86 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The expansion in the historical period can be credited to urbanization and population growth, a growing demand for efficient public services, government initiatives and funding, concerns about environmental sustainability, and advancements in Internet of Things (IoT) technology.

The smart city platforms market size is expected to see rapid growth in the next few years. It will grow to $316.31 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The expansion in the projected timeframe can be linked to integration with 5G networks, a focus on resilience and disaster management, citizen engagement and participation, the expansion of data analytics and predictive insights, and the promotion of public-private partnerships (PPPs). Key trends anticipated in the forecast period encompass open data initiatives and interoperability, integration of resilience and disaster management, development of smart infrastructure, implementation through public-private partnerships, and the use of artificial intelligence for predictive analytics.

The smart city platforms market is poised for growth due to the ongoing urbanization trend. Urbanization, the process of population movement from rural to urban areas, drives the establishment of cities. Smart city platforms are essential for improving urban area management and enhancing the quality of life for citizens. According to the United Nations, around 2.5 billion more people are expected to live in cities by 2050, with significant urban dwellers' additions in China and Nigeria. The US urban population also witnessed growth, increasing by 0.37% from 2020 to 2021. The growing urbanization trend is a key factor propelling the smart city platforms market.

The projected growth of the smart city platform market is driven by the rise in advanced technology. Technological advancements, including smart grids, intelligent transportation systems, and e-governance platforms, enhance the quality of life in smart cities. In 2021, the UK's technology sector secured over one-third of the total £89.5 billion investment in Europe, with £29.4 billion directed towards start-ups and scale-ups. This influx of funds into advanced technology is a key factor driving the growth of the smart city platforms market.

Technological advancements continue to shape the landscape. Ubicquia, Inc., a US-based provider of intelligent infrastructure platforms, launched UbiHub in July 2022. UbiHub allows cities to deploy public Wi-Fi and cameras for traffic analytics, public safety, and license plate recognition. This innovative platform, with integrated Wi-Fi 6 and an edge AI platform, can be easily installed in existing streetlight infrastructure, enabling cost-effective scalability and connectivity for communities and law enforcement.

Major companies in the smart city platforms market are focused on developing innovative products with advanced technologies. For instance, in November 2022, Hitachi, a Switzerland-based energy industry company, launched the TRO610 cellular router specifically for industrial Internet of Things (IoT) applications. This router provides cutting-edge communications and cybersecurity to support activities in utilities, smart cities, oil and gas, manufacturing, and mining.

In April 2022, TTEC Holdings, Inc., a U.S.-based customer experience technology and services company, acquired Faneuil, Inc., for an undisclosed amount. With this acquisition, TTEC is strategically positioned to meet the growing demand in the public sector for services such as mobility, fleet management, congestion management, health and wellness, healthcare exchanges, labor and social benefits delivery, tolling and transportation, and emerging infrastructure citizen response systems. Faneuil, Inc., a U.S.-based company, focuses on public sector citizen experience and smart city platforms.

Major companies operating in the smart city platforms market report are Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, AT&T Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Schneider Electric SE, ABB Ltd., Telefonaktiebolaget LM Ericsson, Ericsson, Johnson Controls International PLC, NEC Corporation, SAS Institute Inc., Advantech Co. Ltd., Parametric Technology Corporation., Cubic Corporation, Cradlepoint Inc., Bosch IO GmbH, Quantela Inc.

North America was the largest region in the smart city platforms market in 2023. The regions covered in the smart city platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart city platforms market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary offerings of smart city platforms comprise platforms and services. Platforms encompass a group of technologies serving as a base for the development of applications, technologies, or processes. Deployment methods include on-premise and cloud, with delivery models ranging from offshore to hybrid and onshore. Applications cover smart infrastructure, governance, education, energy, mobility, healthcare, buildings, and other sectors.

The smart city platforms market research report is one of a series of new reports that provides smart city platforms market statistics, including smart city platforms industry global market size, regional shares, competitors with a smart city platforms market share, detailed smart city platforms market segments, smart city platforms market trends and opportunities, and any further data you may need to thrive in the smart city platforms industry. This smart city platforms market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart city platforms market consists of revenues earned by entities by providing smart city platform services such as security management, mobility, and smart city lightings. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart city platforms market also includes sales of automation systems, emergency management systems, and security and access control systems, which are used in providing smart city platform services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.