DUBLIN–(BUSINESS WIRE)–The “Smart City Platforms Market – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The smart city platforms market is projected to grow from USD 138.7 billion in 2020 to reach USD 236.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.2%.
Increase in demand for platform providers is one of the major factors expected to drive the growth of the smart city platforms market
A huge opportunity for platform provider vendors is available due to the implementation of integrated Internet of Things (IoT) solutions in a smart city. These IoT solutions have various segments, such as hardware, software, and cloud security services. Presently, platform providers have to install, manage, and maintain technological solutions provided for smart cities in an integrated platform on a regular basis.
Platform providers act as intermediaries for implementing a particular technology in the smart city environment. Large system integrators are required in the smart city platforms market for carrying out various processes, such as process automation, security and surveillance systems, Environmental Management Systems (EMSs), and naval systems, including various industrial control systems’ projects.
Moreover, the value addition in this market is driven by services, which provides an open opportunity for all types of platform providers, such as major IT vendors, infrastructure vendors, IT consultants and integrators, and various independent local integrators. With the increase in the rate of adoption of IoT, the role of platform providers in the smart city value chain increases, thereby opening up lucrative opportunities for them.
Among services, the professional services segment is expected to account for the highest market share during the forecast period
The professional services segment is expected to account for the highest market share during the forecast period. Increasing use of digital infrastructure by organizations to procure vital protective supplies for workers in smart city projects, as well as counsel them for rendering services safely, is creating the need for professional smart city services that includes deployment and training, consulting and architecture designing, and infrastructure monitoring and management services.
Among delivery models, the hybrid segment is expected to dominate the market during the forecast period.
The hybrid delivery model is a highly adopted model among other deployment models, owing to the connectivity management platform and security platform. In this delivery model, the benefits of onshore, as well as offshore can be gained. The overall adoption of hybrid solutions is expected to increase during the forecast period, due to a wide range of functionalities and core features the solutions provide.
Among regions, Asia Pacific (APAC)is expected to grow at the highest CAGR during the forecast period
APAC is expected to hold the highest CAGR among all regions, owing to the increasing adoption rate of IoT and rising demand for intelligent and smart solutions, while North America is expected to be the major contributor to the smart city platforms market. Increasing citizen engagement is the major growth factor expected to drive the growth of the smart city platforms market.
The key vendors profiled in the report are as follows:
- Alibaba (China)
- AWS (US)
- Bosch.io (Germany)
- CIMCON Lighting (US)
- Cisco (US)
- Ericsson (Sweden)
- Fujitsu (Japan)
- Fybr (US)
- Google (US)
- Hitachi (Japan)
- Huawei (China)
- IBM (US)
- Intel (US)
- KaaIoT Technologies (US)
- Microsoft (US)
- NEC (Japan)
- Oracle (US)
- SAP (Germany)
- Schneider Electric (France)
- SICE (Spain)
- Siemens (US)
- Sierra Wireless (Canada)
- Siradel (France)
- SmarterCity Solutions (Australia)
- thethings.iO (US)
- Ubicquia (US).
For more information about this report visit https://www.researchandmarkets.com/r/j85q5y
Laura Wood, Senior Press Manager
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