MarketsandMarkets forecasts the global smart city platforms market size to grow from USD 191.6 billion in 2023 to USD 292.1 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period. Major factors expected to drive the growth of the smart city platforms market include need of automation in network architecture, growing need for efficient connectivity network to handle increasing, and growing number of devices on network.
The major smart city platform vendors include Cisco (US), Siemens (Germany), IBM (US), Huawei (China), Hitachi (Japan), Microsoft (US), Google (US), Intel (US), Oracle (US), AWS (US), NEC (Japan), Fujitsu (Japan), Schneider Electric (France), Alibaba(China), Ericsson(Sweden), Sierra Wireless (Canada), and SICE (Spain). These players have adopted various growth strategies in the smart city platforms market. Agreements, collaborations, and partnerships, and new product launches and enhancements have been the most dominating strategies adopted by major players from 2020 to 2022, which helped them innovate their offerings and increase their customer base.
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IBM is one of the leading vendors that provide smart city platform solutions. The company has a wide product portfolio for smart city platforms and and related solutions. The R&D investments of the company are applied generally to all product areas, with specific areas of focus being identified regularly. The company’s recent areas of increased focus include smart infrstructure solutions, AI and hybrid cloud capalities along with IoT. The company also focuses on acquisitions and partnerships to achieve business growth and increase in smart city platforms category. In the year 2022, the company acquired Dialexa and Databand.ai to improve its product portfolio.
Siemens provides smart enterprise and smart city platform solutions that transform the experience of users with resilient, intelligence, and automation powered by Artificial Intelligence (AI) and Machine Learning (ML). The company also focuses on launching smart city platform products regularly. Siemens has entered into strategic acquisitions and partnerships with strong players, which would help it to expand its product portfolio and distribution networks in several markets. Siemens has emerged as a key player for smart city platform services and solutions. In addition, Siemens has global operations and earns its revenue from multiple regions, including within India and outside India regions. The company also focuses on acquisitions and partnerships to achieve business growth and increase in smart city platform across key industries, including education, healthcare, public infrastructure, and manufacturing. For instance, siemens acquired Brightly Software in August 2022, enabling Siemens to establish cloud-based and fully automate the complexities of operations. In the year 2021, the company collaborated with Telefónica Tech to provide improved performance and sustainability for built infrastructure.
Smart City Platforms Market by Offering (Platforms (Connectivity Management, Integration, Device Management) and Services), Delivery Model (Offshore, Hybrid, On-site), Application (Smart Transportation and Public Safety) and Region - Global Forecast to 2028
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