The North America Smart City Platforms Market would witness market growth of 13.2% CAGR during the forecast period (2021-2027).
By adopting IoT, solutions, and other technologies, a smart city platform offers the integrating capability to completely renovate urban infrastructure and services. In addition, it is also helpful in coordinating applications, data, and services at one or more levels across operational areas for various stakeholders. Many innovations have been driven by the technologies like big data analytics, computing, and IoT by incorporating the internet across the day-to-day activities of human beings. As a result, technology is playing a pivotal role in streamlining and enhancing human life. Ongoing developments in the domain of artificial intelligence would bring new advanced technologies, which are anticipated to substantially enhance human lives.
Factors such as massive adoption of smart cities solutions, huge ICT investment among government organizations, and growing demand for connected solutions are acting as growth catalysts for the regional market. The region is currently dominating with respect to adopting smart city platforms. IoT Smart Cities’ technology allows the advanced intelligence and flexibility required to assist cities to utilize resources more effectively and enhance every aspect such as air & water quality, and energy, transportation, and communication systems. In addition, governments operating in the different cities of the United States are willing to heavily invest to enhance their infrastructure and harness the complete advantages of the IoT.
Moreover, the presence of the key market players like Microsoft, Cisco Systems, IBM, and GE Current in the region is likely to create new growth avenues for the regional market. Further, the rising penetration of the internet is also instrumental in complementing the concept of the smart city platforms, as they allow IoT connections that play a key role in smart city platforms. Giga Wire, an innovation technology by KT was deployed in the United States.
Following the footprints of New York City, Las Vegas has adopted Digital Twin technology with an aim to achieve zero carbon emissions. Following this, Las Vegas is expected to harness the potential of sophisticated 5G networking, IoT, and others to enhance air quality, mobility, noise pollution, water management, and emissions from major buildings.
The US market dominated the North America Smart City Platforms Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $66.02 billion by 2027. The Canada market is anticipated to grow at a CAGR of 15.8% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 14.7% during (2021 - 2027).
Based on the Offering, the Smart City Platforms Market is segregated into Platforms (Connectivity Management Platform, Integration Platform, Device Management Platform, Security Platform, and Data Management Platform) and Services (Integration & Deployment, Advisory Consulting, and Support Maintenance). Based on the Delivery Model, the Smart City Platform Market is divided into hybrid, offshore, and onshore. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart City Platforms Market is Estimated to Reach USD 248.60 billion by 2027 at a CAGR of 14.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Schneider Electric SE, Siemens AG, Microsoft Corporation, Amazon.com, Inc., Intel Corporation, Hitachi, Ltd., NEC Corporation, and Huawei Technologies Co., Ltd.
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