Smart City Platforms Market Expected to Reach $223.3 billion by 2023

(IT-NEWSWIRE.COM, February 25, 2019 ) The adoption rate of smart cities solutions is expected to grow, followed by increasing opportunity for platform providers owing to the growing implementation of integrated Internet of Things (IoT) solutions in smart cities.

[141 Pages Report] MarketsandMarkets forecasts the global smart city platforms market size to grow from USD 104.6 billion in 2018 to USD 223.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 16.4% during the forecast period.

A majority of the smart cities around the globe, each with a population surpassing 500,000, is growing at a rate faster than the average urban growth. This opens up new market opportunities for the industry players to grow their businesses in the smart cities environment. Investments in advanced infrastructure facilities for the appropriate functioning of smart city services is predicted to be USD 30–40 trillion over the next 20 years as per our primary respondents.

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.

Competent planning and consulting services, along with architecture designing are important for the development of smart city infrastructures, as these can provide cost-optimized facilities to the city. Technological innovations across smart city space have resulted in the consulting and architecture designing service to grow constantly.

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 Cisco (US), IBM (US), Microsoft (US), Hitachi (Japan), Siemens (Germany), Schneider Electric (France), Huawei (China), Intel (US), GE (US), AT&T (US), Oracle (US), Ericsson (Sweden), Nokia (Finland), Itron (US), Verizon (US), Honeywell (US), SAP (Germany).

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Smart City Platforms Market Expected to Reach $223.3 billion by 2023