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The global smart city platforms market size is expected to grow from $104.6 billion in 2018 to $223.3 billion by 2023, at a CAGR of 16.4%.
A huge opportunity for platform provider vendors is available due to the implementation of integrated Internet of Things (IoT) solutions in a smart city. These IoT solutions have various segments, such as hardware, software, and cloud security services. Presently, platform providers have to install, manage, and maintain technological solutions provided for smart cities in an integrated platform on a regular basis.
Platform providers act as intermediaries for implementing a particular technology in the smart city environment. Large system integrators are required in the smart city platforms market for carrying out various processes, such as process automation, security and surveillance systems, Environmental Management Systems (EMSs), and naval systems, including various industrial control systems' projects.
Moreover, the value addition in this market is driven by services, which provides an open opportunity for all types of platform providers, such as major IT vendors, infrastructure vendors, IT consultants and integrators, and various independent local integrators.
With the increase in the rate of adoption of IoT, the role of platform providers in the smart city value chain increases, thereby opening up lucrative opportunities for them.
The consulting and architecture designing segment is expected to account for the highest market share during the forecast period. Technological innovations across the smart city space have resulted in the consulting and architecture designing service to grow constantly.
Competent planning and consulting services, along with architecture designing are important for the development of smart city infrastructures, as these can provide cost-optimized facilities to the city.
The hybrid delivery model is a highly adopted model among other deployment models, owing to the connectivity management platform and security platform. In this delivery model, the benefits of onshore, as well as offshore can be gained.
The overall adoption of hybrid solutions is expected to increase during the forecast period, due to a wide range of functionalities and core features the solutions provide.
APAC is expected to hold the highest CAGR among all regions, owing to the increasing adoption rate of IoT and rising demand for intelligent and smart solutions, while North America is expected to be the major contributor to the smart city platforms market.
Increasing citizen engagement is the major growth factor expected to drive the growth of the smart city platforms market.
