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Smart City Platform Market Booming Worldwide from 2031

Smart City Platform Market

A surge in the adoption of smart cities in multiple regions is driving the market for smart city platform market.

PORTLAND, PORTLAND, OR, UNITED STATES, January 24, 2024 /EINPresswire.com/ — A recent report from Allied Market Research titled “Smart City Platform Market” reveals that the market size for smart city platforms reached $160.23 billion in 2021 and is projected to reach $708.8 billion by 2031, with a compound annual growth rate (CAGR) of 16.2% from 2022 to 2031.

Smart city platforms are designed to cater to the specific needs of cities, municipalities, and countries, offering solutions for infrastructure, mobility, and public safety. These platforms enable the integration and analysis of local data, providing intelligent services to the population through new communication channels. Citizens can receive location-based notifications, marketing content, and alerts about road closures or upcoming events.

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The increasing adoption of smart cities worldwide is a significant driver for the growth of the smart city platform market. Government initiatives promoting smart city projects and the demand for improved natural resource management in urban environments contribute to the industry’s expansion. The need for enhanced public safety and security also plays a role in driving market growth. However, challenges such as security concerns, insufficient funding, and inadequate infrastructure limit market growth. On the positive side, the emergence of artificial intelligence in smart cities, along with the growth of the Internet of Things (IoT) market and its application in smart cities, presents opportunities for market expansion.

In terms of deployment models, the on-premise segment currently holds the largest market share due to the customized monitoring and regulatory requirements of various cities. Nevertheless, the cloud segment is expected to experience the highest growth rate during the forecast period, driven by its ease of deployment and greater scalability.

Geographically, North America dominated the smart city platform market in 2021 and is expected to maintain its position, fueled by its highly digitized technological sector. However, Asia-Pacific is anticipated to witness significant growth, driven by increasing internet penetration and reliance on digital media and content sources.

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The COVID-19 pandemic had a positive impact on the smart city platform industry. Stringent lockdown measures and social distancing increased the demand for IoT and cloud solutions as people relied on digital services for daily needs. Cities worldwide shifted to smart city solutions during the pandemic, prompting major players to increase investments. Forbes magazine projected that cities like Tokyo, London, New York, Shanghai, and Los Angeles could generate $8.5 trillion by 2035, further driving the global smart city platform industry’s growth during the pandemic period.

The key players profiled in the Smart City Platform market analysis 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, and SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The report focuses on growth prospects, restraints, and trends of the global Smart City Platform market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global Smart City Platform market share.

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Key Stakeholder Advantages:

• This report offers a quantitative assessment of the smart city platform market, projecting trends, estimates, and dynamics from 2021 to 2031 to identify current opportunities.

• It provides market research with insights into key drivers, restraints, and opportunities.

• The potency of buyers and suppliers is highlighted through Porter’s five forces analysis, empowering stakeholders to make profit-driven decisions and enhance their supplier-buyer network.

• In-depth analysis of smart city platform market segmentation aids in identifying existing market opportunities.

• Revenue contributions of major countries in each region are mapped to the global market.

• Market player positioning enables benchmarking and offers a clear understanding of the current market player landscape.

• The report encompasses an analysis of regional and global smart city platform market trends, key players, market segments, application areas, and growth strategies.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Originally published at https://www.einpresswire.com/article/683443507/smart-city-platform-market-booming-worldwide-from-2031-google-llc-microsoft-hitachi-ltd-quantela

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