Market Overview The smart city platform market is expected to register a CAGR of 18% in the forecast period. A smart city is a system of systems. These systems can include various facilities like building automation systems, smart transportation systems, smart lighting systems, security and control systems, intelligent grids, renewable power, water treatment, and supply, etc.
New York, Feb. 24, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Smart City Platform Market – Growth, Trends, and Forecast (2019 – 2024)” – https://www.reportlinker.com/p05865792/?utm_source=GNW
– Smart City platforms are being developed extensively in key sectors such as transportation and energy. For instance, the urban mobility and transportation platform for Columbus, Ohio proposes Smart Columbus Operating System (SCOS) which is a web-based, dynamic delivery platform that will collect and disseminate general mobility data (e.g., traffic, parking, weather, and construction), as well as the data generated from all the projects being developed.
– With the humongous growth in population worldwide, the urban population is growing at a much faster rate, opening up a wide array of opportunities in a smart city environment. The major factor driving the market growth is government placing high priority to convert the cities into smart cities in the near future.
– The government initiatives and spending are giving much more importance to platform providers as compared to standalone smart solutions because of scalability and integration of other smart solutions. According to Consumer Technology Association, smart city spending on the global scale is expected to reach USD 34.35 billion.
– However, the high costs involved in deploying the smart city platform is expected to hinder the adoption rates. Also, the inefficient utilization of resources in developing nations is hindering the market growth.
Scope of the Report
A smart city platform provides the integrated capability to transform the urban infrastructure and services by deploying IoT, solutions, and other technologies. It helps to coordinate data, applications, and services at one or more levels across operational domains for multiple stakeholders. A smart city platform strategy leverages AI, blockchain, and sensor data crowdsourcing in the smart city IoT platform environment.
Key Market Trends
Traffic Management System to be the Major Application Area
– The major application area of the smart city platform is traffic management. A traffic management system usually consists of a wide array of features like traffic monitoring platforms, collection, and processing of real-time traffic data, and traffic control systems for traffic signs and digital road signage systems.
– In the smart city context, these components require close integration with the technologies to address the rampant urban congestions challenges in developed regions as well as in numerous megacities in developing countries such as China. For instance, in 2018, China’s leading national highways had reached an average traffic volume of 26,435 vehicles per day.
– In the present scenario, the number of vehicles has increased drastically, but in contrast, the capabilities of the roads and transportation systems remain underdeveloped and as a result, fail to cope with this upsurge in the number of vehicles. As a consequence, traffic jamming, road accidents, an increase in pollution levels are some of the common traits that can be observed in the new age cities.
– With the emergence of the Internet of Things and its applicability in smart cities, a perfect platform for addressing traffic-related issues can be created. The various benefits offered by these smart traffic management systems are in terms of predicting an optimum route, reducing average waiting time, managing traffic congestion, travel cost, and the extent of air pollution.
– The system aims at using machine learning algorithms for predicting optimum routes based upon traffic mobilization patterns, vehicle categorization, accident occurrences, and levels of precipitation.
North America Expected to Dominate the Market
– North America holds the highest market share in the smart city platforms market, owing to the increasing adoption rate of smart and intelligent technologies in the region. North America is one of the leading regions in terms of the development of smart city platforms.
– The adoption of smart building technologies has become a common practice in the US. Also, traffic management in the region with developed countries like the US and Canada is the major application area for smart city platforms.
– For instance, travel times in Mexico City are 66% longer during heavy traffic times, making it the most traffic jam-prone city in North America. The West Coast has the most congested cities for the United States and Canada as well, Los Angeles and Vancouver, respectively.
– Also, workers in the US can spend, on average, some 24 to 30 minutes commuting to work, depending on the region. This can be longer in large cities, adding significant time to people’s working days without increasing their income.
The smart city platform market is moderately fragmented with many companies providing such platforms across the globe. The market players are consistently evolving and innovating the solutions provided by them to attract the majority of the market share globally. Companies are spending huge sums of money on R&D to innovate new solutions by integrating different technologies, making it a highly competitive market. Some companies such as Huawei is expected to experience negative impact in the market owing to US government initiated actions and as a result supply chain companies cutting the support to it.
– November 2018 – The Chinese giant, Huawei launched a new smart cities platform across the world. The digital platform aims to help governments and other organizations develop, tests, and deploy smart urban initiatives, bringing together technologies such as AI, hybrid cloud, and the Internet of Things (IoT).
– July 2018 – Nokia and Current, a subsidiary of General Electric (GE), partner to bring GE’s smart cities platform, called CityIQ, to Canadian cities. Through the partnership, the two companies aim to repurpose outdoor street lighting to collect data and share insights into cities on Nokia communications networks.
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