Smart City Platforms Market Growing at a CAGR 11.2% | Key Player Cisco, IBM, Siemens, Hitachi, Microsoft
From Digital Journal
Smart City Platforms Market by Offering (Platforms (Connectivity Management Platform, Integration Platform, Device Management Platform, Security Platform, and Data Management Platform) and Services), Delivery Model, and Region - Global Forecast to 2025
The global Smart City Platforms Market size is expected to grow from USD 138.7 billion in 2020 to USD 236.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period. The major growth drivers for the market include exponentially rising urban population actuating smart management, rising preference for platforms over standalone solutions, increasing adoption of the IoT technology for infrastructure management and city monitoring, and rising digital transformation initiatives driving the smart cities. However, the complicated and costly infrastructure of smart city platforms may restrain the market growth.
Among platform types, the connectivity management platform to grow at the highest CAGR during the forecast period
The connectivity management platform enables enterprises to deploy end-to-end connectivity solution delivering seamless integration. This platform reduces additional costs and operational overheads while delivering an intelligent network of connected things. The connectivity management platform is estimated to show the highest market share in 2018 and expected to witness strong growth characteristics in the coming years. This dominance is characterized by the ongoing smart city developments specifically in the developing regions.
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Among services, the managed services segment is expected to grow rapidly during the forecast period
Managed services assist clients in outsourcing smart city platforms to service providers for efficiently managing their key operations of smart city infrastructure. Companies are rapidly handing over their smart city infrastructure and asset security to specialized service providers, such as Managed Security Service Providers (MSSPs). Managed services secure data generated from the infrastructure and ensure data confidentiality, integrity, and availability.
The traditional and emerging market players in the smart city platforms market include Alibaba (China), AWS (US), Bosch.io (Germany), CIMCON Lighting (US), Cisco (US), Ericsson (Sweden), Fujitsu (Japan), Fybr (US), Google (US), Hitachi (Japan), Huawei (China), IBM (US), Intel (US), KaaIoT Technologies (US), Microsoft (US), NEC (Japan), Oracle (US), SAP (Germany), Schneider Electric (France), SICE (Spain), Siemens (US), Sierra Wireless (Canada), Siradel (France), Smarter City Solutions (Australia), thethings.iO (US), and Ubicquia (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, acquisitions, and new product launches, to achieve growth in the global smart city platforms market. Partnerships and acquisitions have been the most dominating strategies adopted by these major players from 2018 to 2020, which have helped them innovate their offerings and broaden their customer base.
Cisco has major stakes in various global smart city projects. The company supports these projects with the help of its specifically designed platform named Cisco Kinetic. The solutions offered under Cisco Kinetic assist city leaders in addressing urban challenges, such as traffic congestions, overcrowding, pollution, resource constraints, and inadequate infrastructure, by utilizing the company’s intelligent networking capabilities. The company has mostly adopted inorganic growth strategies in the market. In February 2020, Cisco partnered with Connexin, a Hull-based technology company, to build the latest smart city in the UK. Through the partnership, both the companies agreed to deliver Connexin’s CityOS platform to digitally connect essential highway maintenance services and inform operatives about the condition of street assets in real-time. Similarly, in November 2019, Quantela and Cisco developed a unique, market disruptive outcome-based project financing model that was launched in the smart city Expo world congress held in Barcelona.
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Hitachi offers various products and solutions under its smart city platform Hitachi Vantara. Its smart city solutions include information control, smart grid, energy management, community energy management, intelligent water, and smart mobility solutions. The company has opted for both organic and inorganic growth strategies in the market. In May 2019, Hitachi launched Lumada Video Insights which is an end-to-end, intelligent and adaptable suite of applications that delivers operational safety and business intelligence IoT, video, AI, and analytics. Similarly, in September 2018, Hitachi Vantara collaborated with Arrow Electronics. The collaboration was aimed at addressing IoT and smart city opportunities with new comprehensive, market-ready solutions, including public safety and transportation offerings from Arrow.
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