Smart Cities Platform Market: Current Analysis and Forecast (2021-2027)

Smart Cities Platform Market: Current Analysis and Forecast (2021-2027)

The major drivers for the smart city platforms growth are magnification in the adoption of customer-Focused marketing strategies, Governments favorable stance, monitory funding, and desire to lead a higher quality of life, the Rush in the adoption of Smart City Platform in multiple regions is driven by various government digital cites initiatives and rise in the need for better natural resource management in urban environments. In addition, the increase in the need for public safety and security fuels the growth of the Smart City Platform market. However, security concerns associated with Smart City Platform and lack of funding & adequate infrastructure limit the growth of this market. Conversely, the emergence of artificial intelligence in Smart City Platform and the rise in the IoT market & its application in digital cities are anticipated to provide numerous opportunities for the expansion of the market during the forecast period. The global Smart City Platform market size was valued at $648.36 billion in 2020 and is projected to reach $6,061.00 billion by 2030

Insights Presented in the Report
"Amongst Offering, Services category accounted for the majority share in the market in 2020”

Based on offering, the market is divided into Platform types and services, Services seized the highest CAGR as smart city platform service providers offer various services. services are segmented into professional services and managed services. These services facilitate smooth implementation, development, and maintenance of ongoing activities in organizations. Smart city platform providers assist and support customers, partners, support teams, marketing teams, and employees with individual development and training.
"Amongst Application, Healthcare is expected to witness highest CAGR during the forecast period”

In 2020, the smart healthcare has seized the majority of the market, especially after the covid, efficient healthcare systems are essential for every citizen, which is why the smart healthcare industry is expected to grow exponentially. Also, because of the rising adoption of mHealth, government initiatives to digitize healthcare, and the prevalence of chronic disorders are likely to accentuate the demand for smart healthcare systems.
"Amongst Deployment, Cloud is expected to witness highest CAGR during the forecast period”

The cloud segment is estimated to hold the majority of the market, during the forecast period. The growth of the cloud segment is mainly governed by factors, such as easy deployment, flexibility, and cost-effective pricing structure The Growing volume of data generation in websites and mobile apps, the rising focus on delivering customer-centric applications for driving customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies.
"North America to witness significant growth during the forecast period”

North America is expected to show the highest CAGR growth in the Smart City Platform market. The major contributors to the growth of this market are USA and Canada. North America is one of the leading regions in terms of the development of smart city platforms. IoT Smart City Platform' technology enables the cutting-edge intelligence and flexibility necessary to help cities use resources more efficiently and improve everything, from air and water quality to transportation, energy, and communication systems. According to Smart America, the governments in the cities of the United States may invest approx. USD 41 trillion over the next 20 years to upgrade their infrastructure to leverage the benefits of the IoT. Furthermore, the region has a strong toehold of vendors, which contributes to the growth of the market studied. Some of these vendors include Microsoft Corporation, Cisco Systems Inc., GE Current, and IBM Corporation, among others.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.