PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421713
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1421713
The global smart city platforms market size is expected to reach USD 518.66 billion by 2032, according to a new study by Polaris Market Research. The report "Smart City Platforms Guides Market Share, Size, Trends, Industry Analysis Report, By Offering (Services, Platforms); By Delivery Model; By Application; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Smart city platforms serve a wide array of functions, encompassing analytics, remote asset monitoring, performance management, decision support, and presentation components. Leading-edge cities leverage Internet of Things (IoT) platforms to oversee city infrastructure, from traffic flow and parking to water and air quality. They utilize the wealth of smart data for making informed, long-term environmental sustainability decisions.
Smart city platforms provide a fundamental framework for urban infrastructure, applications, services, and various city-specific functions. A significant driving force in the city market is the preference for platform providers over standalone smart solutions due to their scalability and seamless integration with other smart solutions.
As smart city projects worldwide expand and gain momentum, the core vision, technologies, and on-the-ground realities have grown more intricate. To streamline these complexities, there is a notable shift toward adopting more intuitive processes, including the increased use of machine learning solutions to collect and analyze the vast volume of generated data.
In pursuit of these goals, certain smart cities are harnessing technology to engage their citizens through eGovernment initiatives, which optimize public sector operations and simplify government processes to foster sustainable development.
eGovernment employs online, user-friendly gateways that enable citizens to access essential government services swiftly. For instance, a local government might maintain records of significant life events like births, marriages, and deaths in the cloud rather than traditional paper files, facilitating convenient access for government officials and employees.
The COVID-19 pandemic has left its mark on various aspects of society, economies, markets, and consumer behaviors, albeit to different extents. Industries such as healthcare, media and entertainment, telecommunications, utilities, and government are diligently working to restore normalcy in the disrupted conditions and ensure essential services for all. Notably, the telecommunications sector plays a crucial role in bolstering a nation's digital infrastructure during the ongoing pandemic.
Recent times have witnessed a growing demand across multiple sectors for advanced IoT-based smart city solutions that seamlessly integrate with cloud computing, big data, security measures, analytics, and network connectivity. The increased adoption of IoT technology in smart city applications, including smart utilities and services for citizens, is driving the deployment of smart city platforms. This trend is particularly relevant as government authorities in numerous countries focus on monitoring public health and elevating safety and living standards for their populations.
Furthermore, IoT solution providers must enhance the management capabilities of their platforms to meet the demand for overseeing IoT devices across various cities effectively.
Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective Smart City Platforms devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for Smart City Platforms throughout the forecast period.
Polaris Market Research has segmented the Smart City Platforms market report based on offering, delivery model, application, and region: