The Growth of the Smart City Platform Market revenues were estimated at US$ 156.1 Bn in 2021 and is anticipated to grow at a CAGR of 10% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 446.7 Bn.
Enterprise Resource Planning is crucial for optimizing procedures and boosting corporate operations across sectors. The Internet of Things (IoT) and large data influxes are already shaking up the ERP environment, bringing new opportunities for continuous improvement and process automation. The ERP environment of today is extremely complicated, owing in part to the dizzying pace of technology.
A small-scale ERP deployment typically requires approximately three months to finish, but a larger-scale project may take up to two years. Meanwhile, substantial technological advancements may occur concurrently with the two-year deployment. The advent of lesser priced cloud computing and SAAS services complicates the marketing of ERP software.
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The integration and deployment of smart city platform solutions with ERP solutions is a difficult undertaking that must be completed in phases. The outdated ERP solutions are insufficient to function independently and meet the needs of customers. Additionally, firms are hesitant to migrate to that of an Integrated Workplace Management System (IWMS) or Computerized Smart City Platforms (CAFM) technology.
Conventional enterprise resource planning (ERP) technology would be preferred by larger firms. Furthermore, smart city platform solutions should not be used as stand-alone solutions in the facility’s digital architecture. It is frequently necessary to combine smart city platforms with ERP systems. Furthermore, integrating smart city platform solutions and services with ERP systems is a difficult operation that must be accomplished in stages.
Key Takeaways from the Market Study
- Global Smart City Platform Market is expected to reach a market size of US$ 446.7 Bn by 2022.
- In terms of Offering, the Platform segment is expected to have the highest CAGR of 9.3% during the forecast period.
- In terms of Delivery Model, the Hybrid segment is expected to account for the largest CAGR of 8.7% during the forecast period.
- United States is projected to remain the dominant market with absolute dollar growth opportunity of US$ 84.9 Bn during 2022 – 2032.
- The market in U.S is set to experience the highest CAGR of 9.3% during the 2022-2032 forecast period.
“The surge in venture capital investments by major corporations will benefit the Smart City Platform industry trends in the coming years.” comments a Future Market Insights analyst.
The research discusses key trends in the smart city platform industry as well as inorganic and organic growth methods. Various firms are focusing on organic growth strategies such as product approvals, new product releases. The strategy noted in the sector included mergers and acquisitions, partnerships, and collaborations. These measures have paved the way for market players to grow their business and strengthen distribution network.
Some of the recent developments in smart city platform market include:
- In October 2021, Siemens took over Wattsense, a French start-up company. Siemens gained the ability to assist businesses throughout Europe in complying with Energy Performance of Buildings Directive due to this purchase (EPBD). This regulation requires tertiary sector buildings to include control and automation technologies that improve energy efficiency and reduce CO2 emissions.
- In June 2021, Microsoft and Mejo collaborated with Palantir and Sompo Holdings. The firms hoped to facilitate innovative capabilities of connected car data throughout the world through this partnership. Furthermore, the collaboration would help Wejo’s goal of building vendor-agnostic industry rules in connected car data, as well as applications across numerous industries such as fleet, insurance, smart city, payments, and mobility, among others.
- In March 2021, Hitachi has acquired GlobalLogic, a US-based product engineering services firm. Through this takeover, the firm aimed to expand its key segments, namely IT, Energy, Industry, Mobility, and Smart Life and Astemo.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Smart City Platform Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Smart City Platform Market in terms of Offering (Platforms, Services), Delivery Mode (Offshore, Hybrid, Onshore), Application (Smart Transportation, Public Safety, Smart Energy & Utility, Infrastructure Management, Citizen Engagement), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA)).
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Market Segments Covered in Smart City Platforms Market Analysis
- Connectivity Management Platform
- Integration Platform
- Device Management Platform
- Security Platform
- Data Management Platform
- Professional Services
- Managed Services
By Delivery Model:
- Smart Transportation
- Public Safety
- Smart Energy & Utility
- Infrastructure Management
- Citizen Engagement
- North America
- Asia Pacific
- Middle East and Africa
- Latin America