The global smart city platform market revenue was around US$ 186.1 billion in 2022 and is estimated to reach US$ 708.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.2% during the forecast period from 2023 to 2031.

Smart city platform offers a basis for encouraging participation, dialogue, and collaboration between citizens and government through new technologies and digital channels. In addition, several small municipalities have adopted and installed smart meters to measure electric power consumption, to the handful of large metropolises that have adopted a far-reaching and broad array of systems and technologies for critical management and monitoring operations, aiding in the functioning of the complex smart city applications.

Factors Influencing Market Growth

- The surge in the adoption of smart cities in different regions is pushing the growth of the smart city platform market.

- The growing number of projects under different government smart city initiatives and the increase in demand for better natural resource management in urban environments are further expected to sustain the growth of the smart city platform industry.

- The growth in the demand for public security and safety boosts the growth of the smart city platform market.

- The lack of funding for adequate infrastructure and security concerns related to smart cities hinders the growth of the smart city platform market.

- The rise in the IoT market and its application in smart cities and the emergence of artificial intelligence in smart cities are expected to deliver numerous opportunities for the development of the smart city platform market during the forecast period.

Impact of COVID-19

The impact of COVID-19 had a positive influence on the smart city platform market and showcased a positive growth rate during the period because of the dramatically expanded digital dependence during the period of COVID-19-induced lockdowns and drive for the automation and IoT solutions, which contributed towards the growth of the smart city platform market during the pandemic.

Regional Analysis

In 2022, North America dominated the smart city platform market in terms of revenue and is anticipated to maintain its position during the forecast period because of the presence of a highly developed ICT sector and high spending that help in the growth of the smart city platform market in the region.

Also, Asia-Pacific is anticipated to notice significant growth during the forecast period because of the different government initiatives and digital transformation trends within the region, which is predicted to boost the growth of the smart city platform market in this region.

Leading Companies

The leading companies profiled in the global smart city platform market are: -

- Alibaba Group Holding Limited
- Amazon Web Services, Inc.
- Bosch.IO GmbH
- Quantela, Inc.
- Cisco Systems, Inc.
- Telefonaktiebolaget LM Ericsson
- Fujitsu Limited
- Fybr
- Google LLC
- Hitachi, Ltd.
- Huawei Technologies Co., Ltd.
- International Business Machines Corporation
- Intel Corporation
- KaaIoT Technologies, LLC
- Microsoft Corporation
- NEC Corporation
- Oracle Corporation
- SAP SE
- Other prominent key players

Segmentation Outline

The global smart city platform market segmentation focuses on Offerings, Deployment Model, Application, and Region.

Segmentation based on Offerings

- Platform
- Connectivity Management Platform
- Integration Platform
- Device Management Platform
- Security Platform
- Data Management Platform
- Service
- Professional Service
- Managed Service

Segmentation based on Deployment Model

- On Premise
- Cloud

Segmentation based on Application

- Smart Infrastructure
- Smart Governance and Smart Education
- Smart Energy
- Smart Mobility
- Smart Healthcare
- Smart Buildings
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa