Smart City Platform Market by Application and Geography - Forecast and Analysis 2022-2026

“The Smart City Platform Market is poised to grow by USD 70.56 billion during 2022-2026, accelerating at a CAGR of 26.18% during the forecast period”

Technavio market report provides a holistic analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis covering around 15 vendors. Furthermore, this report extensively covers smart city platform market segmentation by application (smart infrastructure, smart building, smart utilities, and others) and geography (North America, Europe, APAC, MEA, and South America).  The market report also offers information on several market vendors, including Alibaba Group Holding Ltd., ABB Ltd., Amazon.com Inc., Cisco Systems Inc., Fujitsu Ltd., Fybr, Hitachi Ltd., Quantela Inc., Robert Bosch GmbH, and Telefonaktiebolaget LM Ericsson among others.

What will the Smart City Platform Market Size be During the Forecast Period?

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Parent Market Analysis

Our Technavio Research categorizes the report belonging to the Software and Services Industry for the market. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions.

Smart City Platform Market: Key Drivers, Trends, and Challenges

Technavio Research categorizes the global Smart City Platform Market belonging to the Software Industry. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the forecast year.

The market is extremely competitive with all sizes of businesses, including large, medium, and small-sized companies vying to monopolize the market. The tremendous development in various fields such as product innovations and new product launches by manufacturers operating in the market will drive the growth further.

Key Smart City Platform Market Driver

• There are several advantages to building automation software. For instance, this software acts as a control system to automate, regulate, and control the facility subsystems by maintaining the predefined parameters for different systems in a building. Therefore, this software allows industrial, residential, and commercial buildings to manage, control, and operate the functioning of their buildings easily and more efficiently. In light of these benefits, building automation has become an integral aspect of businesses these days.
• The adoption of building automation software enhances organizations' cost savings by facilitating efficient energy management. Such factors play an important role in driving the growth of the market under focus. 

Key Smart City Platform Market Challenge

• Vendors are developing advanced features, better functionalities, compatible features, and innovative technology to improve operational functionalities, increasing the overall price of building automation solutions. Moreover, the effective installation of these systems could make it necessary to carry out several alterations to the entire wiring.
• The high costs associated with these installations, combined with the cost of the products and software, make the solution extremely expensive. In addition, the integration of buildings automation with business systems and cybersecurity further increases the cost of installation, which hampers smart buildings' adoption rate in a few sectors.
• Higher switching cost is also a major challenge that negatively influences the adoption of smart buildings. Smart building software installation involves higher costs compared with those associated with conventional smart building software. The implementation process also takes time, delaying mission-critical events and prohibiting end-users from adopting the integrated approach. 

Who are the Major Smart City Platform Market Vendors?

The vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading market vendors such as

• Alibaba Group Holding Ltd.
• ABB Ltd.
• Amazon.com Inc.
• Cisco Systems Inc.
• Fujitsu Ltd.
• Fybr
• Hitachi Ltd.
• Quantela Inc.
• Robert Bosch GmbH
• Telefonaktiebolaget LM Ericsson

Market Overview

The parent global IT software market covers companies that are engaged in developing and producing application and system software. It also includes companies offering database management software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. It excludes companies classified in the interactive home entertainment sub-industry, and companies producing systems or database management software classified in the systems software sub-industry. Technavio calculates the global IT software market size based on combined revenue generated by companies that are engaged in the provision of all types of IT software, including cloud-based software. It includes software license revenues and subscription revenues. Maintenance and support services fees charged by vendors are also included within the software revenues. However, the professional services fees charged for consulting and systems integration services for vendors products are charged separately and are not included in the IT software market. 

Smart City Platform Market Value Chain Analysis

In this report, we provide extensive information on the value chain analysis for the market. Our data covers all key stages of a market flow and provides a complete understanding of all aspects of the market logistics value chain. This includes an end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies.

Which are the Key Regions for Smart City Platform Market?

32% of the market’s growth will originate from APAC during the forecast period. Japan is a key market for smart city platforms in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

What are the Revenue-generating Application Segments in the Smart City Platform Market?

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The smart city platform market share growth by the smart infrastructure segment will be significant during the forecast period. Smart Infrastructures comprise several operators from different domains of activity, such as energy, public transport, public safety. A smart infrastructure system can monitor, measure, analyze, communicate and act based on data collected by sensors. Smart infrastructures are based on their physical structure (cabling, sensors, etc.) and on four principles: data, analytics, feedback, and adaptability. Increasing industrial development, commercialization, and awareness of effective utilization of energy and building optimization will drive the adoption of smart infrastructures. Smart infrastructure combines the real and digital worlds across energy systems, buildings, and industries, enhancing the way people live and work and significantly improving efficiency and sustainability. Rapid strides in technology innovation will further propel the adoption of smart infrastructure as the systems can deploy IoT, analytics, and cloud computing for effective monitoring, controlling, and operating building facilities during the forecast period. 

The report provides a near-term to long-term perspective on the trends and forecasts horizon for the market. It offers an overview of the key market drivers and restraints, enabling precise identification of key regional opportunities over the coming years.

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What are the Key Data Covered in this Smart City Platform Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive the growth during the next five years
• Precise estimation of the size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of smart city platform market vendors

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