Dublin, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The "Global Smart City Platforms Market by Offering (Platforms (Connectivity Management, Integration, Device Management, Security, Data Management) and Services), Delivery Model, Application (Smart Transportation, Public Safety), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Smart City Platforms Market size will grow from USD 156.1 billion in 2021 to USD 258.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 10.6% during the forecast period.
Various factors such as an increase in the adoption of IoT technology for infrastructure management and city monitoring are expected to drive the adoption of smart city platforms solutions and services.
In a short time, the COVID-19 outbreak has affected markets and customer behaviours and substantially impacted economies and societies.
Healthcare, telecommunication, media and entertainment, utilities, and government verticals function day and night to stabilize conditions and facilitate prerequisite services to every individual. The telecom sector, in particular, is playing a vital role across the globe to support the digital infrastructure of countries amid the COVID-19 pandemic.
According to Fujitsu's Global Digital Transformation Survey, offline organizations were damaged more, while online organizations witnessed growth in online demand and an increase in revenue. 69% of the business leaders from online organizations have indicated that they witnessed an increase in their business revenue in 2020. In contrast, 53% of offline organizations saw a drop in revenues.
Innovative IoT-based smart city solutions, which can be effectively coupled with big data, analytics, cloud, security, and network connectivity, are witnessing massive demand from various sectors.
The adoption of IoT technology in smart city applications, such as smart utilities and smart citizen services, is expected to raise the adoption of smart city platforms during the pandemic as regulatory authorities of various countries are majorly focused on monitoring health, safety, and living standards of their citizens. To cater to the need for managing IoT devices across various cities, IoT solutions vendors need to enhance the management capabilities of their platforms.
Hybrid delivery model segment to account for larger market size during the forecast period
In the hybrid delivery model, the deployment of the solution is at the customer's site, which is similar to the offshore model. Maintenance and upgrades are done at the customer's site, while some parts of the solutions are handled remotely from the vendor's site and some from the customer's site.
The hybrid delivery model is highly adopted, owing to the connectivity management and security platforms. In this delivery model, the benefits of both the on-site and offshore models can be harnessed. Moreover, hybrid solutions deliver a wide range of functionalities and core features, fueling the overall adoption of hybrid solutions during the forecast period.
Connectivity management platform segment accounts for a larger market size during the forecast period
The connectivity management platform segment reduces additional costs and operational overheads while delivering an intelligent network of connected things.
Moreover, this platform primarily deals with connectivity operations across infrastructure that are carried out through cellular connectivity, Low Power Wide Area Network (LPWAN), and Wi-Fi. The growth of the segment is driven by the ongoing smart city developments, specifically in developing regions.
Moreover, connectivity being the backbone of any smart infrastructure, the growth rate of the connectivity management platform segment is relatively high as compared to other platforms.
Among regions, APAC to hold higher CAGR during the forecast period
Asia Pacific is an emerging smart city platform 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 and China are among the largest manufacturing economies that produce automobiles, information technology products, and electronic products. The smart city platform paradigm has changed considerably with the growing popularity of advanced technologies such as robotics and big data analytics.
Market Overview and Industry Trends
Preference for Platforms Over Standalone Solutions
Exponential Rise in Urban Population Actuating Smart Management
Increase in Adoption of IoT Technology for Infrastructure Management and City Monitoring
Inefficient Utilization of Resources in Developing Countries
Digital Transformations Augment the Scope for Smart Cities
Complicated and Cost-Intensive Infrastructure of Smart City Platforms
Possibility of Privacy and Security Breaches in Smart City Platforms
Industrial and Commercial Deployments of Smart City Platforms
Rise in Smart City Initiatives Worldwide
Increase in Cybersecurity Attacks with the Proliferation of IoT Devices
Disruption in Logistics and Supply Chain of IoT Devices
Supply Chain Analysis
Smart City Initiatives and Investments
Case Study Analysis
Case Study 1: ABB Helped Fastned to Expand Its EV Fast Charge Network Across Europe
Case Study 2: Honeywell Enabled Efficient Flight Routing for Newark Liberty International Airport
Case Study 3: Bane Nor Selected Thales to Provide Next-Generation Nationwide Traffic Management System
Case Study 4: Curtin University Adopted Hitachi IoT Solution to Implement a Smart Campus
Case Study 5: Huawei Helped Qinghai-Tibet Railway to Improve Surveillance Efficiency
Cisco's IoT Platform and Cisco Kinetic: Wi-Fi Paves the Way for IoT Platforms to Make the Government More Efficient
Facilitating Transformation Through Digital Platforms
Building Citizen-Focused Public Services
Connected Public Transport
Traffic Monitoring and Management
Video Surveillance & Analytics
Creating Innovation Health Hubs
Digital Birmingham Council Launched the Birmingham Smart City Roadmap
Smarter City Solutions
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