Global Smart City Platform Market Report and Forecast 2024-2032

Global Smart City Platform Market Size

The global smart city platform market reached a value of approximately USD 33.61 billion in 2023. The market is projected to grow at a CAGR of 49.2% between 2024 and 2032, reaching a value of around USD 1230.26 billion by 2032.

Smart City Platform Market Outlook

• The Ministry of Housing and Urban Affairs initiated the Smart Cities Mission (SCM) to develop 100 Smart Cities in India.

• The Smart Cities Mission in India has been allotted Rs. 2,236 crores under the Interim Union Budget 2024–25, down from Rs. 7,535 crores in the FY24. 

• In 2023, Chinese government spending on smart city initiatives had reached USD 38.92 billion, as reported by the USCC.

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Smart City Platform Market Growth

The growth of smart city platform market is driven by factors such as rapid urbanization, increasing government initiatives for smart city development, advancements in IoT and AI technologies, rising demand for efficient urban infrastructure, and the need for sustainable solutions to address environmental challenges. Additionally, the integration of smart city platforms with various sectors such as transportation, energy management, healthcare, and public safety is further fuelling market expansion.

Smart city platform helps governments reach their beneficiaries and boost citizen engagement. In addition to this, the increasing adoption of smartphones, smart vehicles, tablets, and laptops has augmented the market growth. Furthermore, the increased demand for cloud-based models and the rising government expenditure to address pressing urban challenges and enhance security by embracing smart city agendas are likely to aid the smart city platform demand growth in the forecast period.

Key Trends and Recent Developments

Artificial Intelligence (AI) and data analytics, energy management and sustainability, and smart infrastructure development are the major trends impacting smart city platform market value.

November 10, 2023

Aramco received international recognition for its IoT and AI technologies. Its A’amer platform, which transformed facility management at Dhahran headquarters, won the Infrastructure & Building Award at the World Smart City Awards in Spain.

September 14, 2023

Orange Business has partnered with the King Abdullah Financial District Development & Management Company to develop, operate, and manage a Smart City Platform in KAFD, merging AI and data analytics.

May 13, 2022

Dijon recognized an opportunity to integrate urban services, security, and transit on a single network. To pursue this vision, Dijon launched a city-wide smart project involving 23 municipalities and over 260,000 residents.

June 02, 2021

KDDI, a prominent telecom company from Japan, has invested in PT. Qlue Performa Indonesia, a provider of smart city platforms. This investment is geared towards advancing digital transformation in Southeast Asia, starting with Indonesia.

Artificial Intelligence (AI) and Data Analytics

AI-driven analytics extract valuable insights from the vast amounts of data generated by smart city systems, significantly enhancing operational efficiency and optimizing a wide range of urban services.

Energy Management and Sustainability

Smart city platforms support energy-efficient practices, renewable energy integration, and environmental monitoring to enhance sustainability efforts, ultimately aiming to reduce the carbon footprint of urban environments, which will likely impact the smart city platform demand forecast.

Smart Infrastructure Development

Investments in smart infrastructure, including smart buildings, grids, and water management systems, significantly enhance urban resilience, improve safety, and elevate the overall quality of life for residents.

5G and Connectivity Advancements

The deployment of 5G networks enables faster, more reliable connectivity, significantly supporting the growth of smart city applications and services, thus enhancing urban living standards and operational efficiency.

Smart City Platform Market Trends

The growth of smart city platform market is fuelled by rising urban mobility challenges, prompting the adoption of intelligent transportation solutions like advanced traffic management and shared mobility services. Integration of public transit, ridesharing, bike-sharing, and micro-mobility solutions provides seamless, multimodal journeys for commuters and travellers.

Edge computing brings computational power closer to the data source, reducing latency, bandwidth usage, and response times for time-sensitive smart city applications. Edge computing architectures enable real-time data processing, analysis, and decision-making at the edge of the network, enhancing situational awareness, security, and responsiveness in urban environments.

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Smart City Platform Industry Segmentation

“Global Smart City Platform Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Platform Type

• Connectivity Management Platform

• Integration Platform

• Device Management Platform

• Data Management Platform

• Security Management Platform

Market Breakup by Application 

• Smart Mobility/Transportation

• Smart Security

• Smart Utilities

• Smart Governance 

• Smart Infrastructure

• Smart Healthcare 

• Others

Market Breakup by Deployment

• On-premises

• Cloud

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Smart City Platform Market Share

Security management platform boosts the smart city platform market revenue by facilitating rapid incident response via providing automated incident detection, notification, and remediation capabilities, minimizing the impact of security incidents on smart city operations.

The security management platform promotes cybersecurity awareness and provides training resources to smart city stakeholders, empowering them to recognize and mitigate security risks effectively.

By streamlining connectivity management processes and optimizing resource usage, the platform helps reduce operational costs associated with maintaining and managing smart city networks.

Smart healthcare platform enables real-time monitoring of patients' health metrics remotely, allowing healthcare providers to deliver personalized care outside traditional healthcare settings.

One of the key trends of smart city platform market is that smart city platforms facilitate the secure exchange of electronic health records (EHRs) and other health information among healthcare providers, improving care coordination and continuity across different healthcare settings.

Smart city platforms facilitate the integration of various transportation modes, including public transit, ridesharing, bike-sharing, and micro-mobility services, into a seamless and interconnected transport network. This improves mobility options for residents and reduces reliance on private cars.

Competitive Landscape

The companies are a provider of products including data management, storage platforms, smart devices, industrial technology, and others.

Hitachi Vantara LLC: Founded in 1910 and based in Santa Clara, California, the company offers a wide range of products, including storage platforms, data management solutions, and integrated systems for diverse applications.

Huawei Technologies Co., Ltd.: Established in 1987 and based in Shenzhen, Guangdong. The company works as a leading global provider of information and communications technology (ICT) infrastructure and smart devices.

Schneider Electric SE: Founded in 1836 and based in Rueil Malmaison, Paris. The company is a worldwide leader in industrial technology, offering unparalleled expertise in electrification, automation, and digitization.

Siemens Aktiengesellschaft: Founded in 1847 and based in Munich, Germany, the company is dedicated to technology, focusing on advancements in industry, infrastructure, transportation, and healthcare sectors to drive innovation and efficiency.

Other global smart city platform market key players are Cisco Systems, Inc., and IBM Corporation, among others.

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Smart City Platform Market Regional Analysis

The global smart city platform market is experiencing a surge, with two regions vying for the top spot. While North America currently boasts the largest smart city platform market share due to its established economies and strong technological foundation, Asia Pacific is projected to witness the fastest growth. This rapid rise in the Asia Pacific region is driven by factors like large-scale urbanization, increasing digitization efforts, and significant government investments in smart city initiatives, particularly in countries like China and Japan.

Europe's commitment to sustainability, government support, and strong technological base are not only propelling the market within the region but also influencing its growth globally.

Key Highlights of the Report

Smart City Platform Market Report Snapshots

Smart City Platform Market Size

Smart City Platform Market Growth

Smart City Platform Market Trends

Smart City Platform Market Share

Smart City Platform Companies

Smart City Platform Market Regional Analysis