Dan's Biz Bookshelf: 'Getting Naked: A Business Fable'
The Chemical Connection: Common Misconceptions in Wet Processing
It’s Only Common Sense: Selling to Engineers
Government Initiatives for Smart Cities Presents Lucrative Opportunities
March 1, 2019 | PRNewswireEstimated reading time: 1 minute
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.
Share on:
Suggested Items
DuPont Reports First Quarter 2025 Results
05/02/2025 | PRNewswireDuPont announced its financial results for the first quarter ended March 31, 2025.
KLA Reports Fiscal 2025 Q3 Results
05/02/2025 | PRNewswireKLA Corporation announced financial and operating results for its third quarter of fiscal year 2025, which ended on March 31, 2025, and reported GAAP net income of $1.09 billion and GAAP net income per diluted share of $8.16 on revenues of $3.06 billion.
Alternative Manufacturing Inc. (AMI) Appoints Gregory Picard New Business Development Manager
05/01/2025 | Alternative Manufacturing, Inc.Alternative Manufacturing Inc. (AMI) is pleased to announce the appointment of Mr. Gregory Picard as our new Business Development Manager. Picard brings a wealth of experience in Sales and Business Development, having worked with some of the most prominent names in the industry.
Ensuring a Strong and Reliable Supply Chain
04/30/2025 | Marcy LaRont, PCB007 MagazineKelly Davidson, vice president of NCAB Group USA, discusses the company's stable performance in 2024 and positive outlook for 2025. She highlights NCAB's strategy of organic growth and strategic acquisitions amidst tariff concerns and global political uncertainty. Kelly emphasizes the importance of supply chain diversification, strong supplier relationships, and customer education, and notes NCAB's focus on defense production and maintaining a reliable supply chain.
2024 Global Semiconductor Materials Market Posts $67.5 Billion in Revenue
04/29/2025 | SEMIGlobal semiconductor materials market revenue increased 3.8% to $67.5 billion in 2024, SEMI, the global industry association representing the electronics design and manufacturing supply chain, reported in its Materials Market Data Subscription (MMDS).