According to a recently published Future Market Insights report, the Smart City Platforms Market is expected to grow at a CAGR of 10% between 2022 and 2032, with revenues estimated at US$ 156.1 billion in 2021. The market is expected to be worth US$ 446.7 billion by the end of 2032.
Enterprise Resource Planning is critical for streamlining processes and improving corporate operations across industries. The Internet of Things (IoT) and large data influxes are already causing havoc in the ERP environment, opening up new avenues for continuous improvement and process automation. Because of the dizzying pace of technology, today’s ERP environment is extremely complicated.
A small-scale ERP deployment typically takes three months to complete, but a larger-scale project can take up to two years. Meanwhile, significant technological advances may occur in parallel with the two-year deployment. The introduction of lower-cost cloud computing and SAAS services has complicated the marketing of ERP software.
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Integration and deployment of smart city platform solutions with ERP solutions is a difficult task that must be done in stages. The outdated ERP solutions are insufficient for independent operation and meeting customer needs. Furthermore, businesses are hesitant to transition to an Integrated Workplace Management System (IWMS) or Computerized Smart City Platforms (CAFM) technology.
Larger businesses would prefer traditional enterprise resource planning (ERP) technology. Furthermore, smart city platform solutions should not be used as stand-alone solutions in the digital architecture of the facility. Combining smart city platforms with ERP systems is frequently required. In addition, integrating smart city platform solutions and services with ERP systems is a difficult process that must be completed 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.
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Competitive Analysis
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
By Offering:
- Platforms
- Connectivity Management Platform
- Integration Platform
- Device Management Platform
- Security Platform
- Data Management Platform
- Services
- Professional Services
- Managed Services
By Delivery Model:
- Offshore
- Hybrid
- Onshore
By Application:
- Smart Transportation
- Public Safety
- Smart Energy & Utility
- Infrastructure Management
- Citizen Engagement
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Related Links –
https://posteezy.com/collaboration-tools-market-trends-analysis-and-forecast-2022-2029
https://woke.party/blogs/67057/Collaboration-Tools-Market-Forecasts-Rapid-Growth-Forecast-2022-2029
https://the-resiliency-factor.mn.co/posts/29356510
https://elderassociation.mn.co/posts/29356531
https://togethers.mn.co/posts/29356513
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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