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

“Government initiatives to establish Smart cities and enhance connect untapped rural and urban regions is driving the growth of the global smart city platforms market.”

The smart city platforms market is estimated at USD 191.6 billion in 2023  and is projected to reach USD 292.1 billion by 2028, at a CAGR of 8.8% from 2023 to 2028. The presence of various key players in the ecosystem has led to competitive and diverse market.  Government initiatives to establish smart cities is expected to drive the adoption of the smart city platforms market in the future.

“By Services, professional services segment to hold the largest market size during the forecast period”

Professional services are services offered through professionals, specialists, or experts to support business operations. The innovative techniques, strategies, and skills adopted by professionals encourage the adoption of smart city platforms.  Service providers offer customized implementation and integration of smart city platforms with legacy solutions and assist customers, following industry-defined best practices. Vendors offering deployment services cover all phases of platform deployment, right from auditing, consulting, deployment, support, and training to ongoing performance optimization.

“Asia Pacific to register the highest growth rate during the forecast period”

Asia Pacific comprises nations with rapid technological development, such as China, Japan, and India. Asia Pacific is home to several developing countries that are experiencing rapid urbanization. This offers enormous business opportunities for smart city platform vendors even while presenting grave challenges for sustainable development.

In recent years, Asia Pacific has successfully facilitated cooperation projects under the low-carbon model town and IoT-based smart cities and has gathered valuable experience in the process, which can be shared among the member economies. The overall focus of the region towards smart city initiatives offers opportunities for smart city platform providers.

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