Smart City Platform Market Trends

Statistics for the 2023 & 2024 Smart City Platform market trends, created by Mordor Intelligence™ Industry Reports. Smart City Platform trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Smart City Platform Industry

This section covers the major market trends shaping the Smart City Platform Market according to our research experts:

Smart Governance to be the Major Application Area

  • The smart city platform increases the efficiency of government programs and helps them reach their beneficiaries. Some smart cities are trying to put technology to use to engage their citizens through eGovernment initiatives, which improve public sector efficiency and streamline government systems to support sustainable development.
  • eGovernment uses online, one-step gateways for citizens to access primary government services quickly and easily. An example would be a local government keeping records of life events - births, marriages, deaths - in the cloud, rather than in paper files, for easy access for government officials and employees.
  • Huawei e-Government is an integral platform for government networks, cloud, collaborative offices, multi-dimensional security, and operational efficiency. In India, Cisco has implemented solutions such as Wi-Fi, remote e-governance, and citizen kiosks, coupled with Cisco Kinetic for Cities and analytics solutions at City Command and Control Centre (C-4).
  • Based on the Horizon Digital Platform, Huawei Technologies Co. Ltd announced the launch of the "HiCity" Intelligent City Solution that optimizes the integration of the data and a variety of ICT technologies to streamline service processes and transfer information flows, reducing the threshold for the use of new technologies and making integration easier. Together with ecosystem partners, the company aims better to support the governance and innovation of smart cities.
  • To help solve some of the issues faced in modern urban centers, such as the revitalization of communities and enhancement of safety, this service uses IoT technology to collect comprehensive data in numerous fields and spheres (for example, disaster management, tourism, energy, etc.) from multiple locations throughout the region and city.
  • As per European Telecommunications Network Operations (ETNO), the number of IoT smart buildings' active connections was expected to increase through the years. It was 15.99 million connections in 2019 and is expected to reach 154.06 million by 2025.
Smart City Platform Market

North America Expected to Dominate the Market

  • North America emerged as the dominant regional market for smart cities in terms of revenue, owing to widespread adoption of smart city solutions, high ICT investment among government organizations, and high demand for linked solutions across the region.
  • It is one of the leading regions in terms of the development of smart city platforms. IoT Smart Cities' technology enables the cutting-edge intelligence and flexibility necessary to help cities use resources more efficiently and improve everything, from air and water quality to transportation, energy, and communication systems. According to Smart America, the governments in the cities of the United States may invest approximately USD 41 trillion over the next 20 years to upgrade their infrastructure to leverage the benefits of the IoT.
  • Furthermore, the region has a strong foothold of vendors, contributing to the market studied's growth. Some vendors include Microsoft Corporation, Cisco Systems Inc., GE Current, and IBM Corporation.
  • Increasing internet penetration also plays a crucial role in establishing smart city platforms, enabling IoT connections that act as a base for smart city platforms. The first line of South Korean telecom provider KT's innovative technology, 'GiGa Wire, was installed in the United States. It provides an internet speed of up to 1 Gbps without any fiber-optic cable. This initiative is in line with the Boston Digital Equity Project, which is aimed to improve network infrastructure.
  • In 2021, Las Vegas and New York City adopted the Digital Twin technology, with Phoenix and other U.S. and European cities expected to follow. However, Cityzenith, United States, the leading Urban Digital Twin platform, plans to donate the technology to 10 cities by the end of 2021 and 100 cities by 2024.
  • In March 2021, Nokia signed a reseller agreement with ClearWorld, an alternative energy systems provider, to sell smart poles to U.S. cities and military bases as part of Nokia's smart city solutions portfolio. It will be deployed in parks, parking lots, and roadways; the ClearWorld connected digital pole supports applications such as video analytics, Wi-Fi access points, gunshot detection, smart lighting, and license plate reading.
  • Furthermore, urbanization results in increased traffic and climate change which drives the urgent need for a next-generation traffic monitoring and management solution. The deployment of traffic cameras in cities is hampered by a lack of or subpar autonomous video monitoring systems that require cloud access or extensive high-bandwidth internet infrastructure.
Smart City Platform Market

Smart City Platform Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)