According to a research report titled ‘Global Smart City Platform Market Size study, by Offering (Platforms and Services), by Delivery Model (Small and Medium-Sized Enterprises and Large Enterprises), by Application (Smart Transportation, Public Safety, Smart Energy and Utilities, Infrastructure Management and Citizen Engagement) and Regional Forecasts 2020-2027’ available with Market Study Report, global smart city platform market was valued at USD 124.7 billion in 2019, and is projected to register 11.2% CAGR during 2020-2027, surpassing a valuation of USD 296.1 billion by the end of the forecast timeline.
 

As per report findings, rising inclination towards platforms as compared to standalone solutions, coupled with surge in the urban population facilitating digital transformation and smart management are anticipated to drive global smart city platform market growth.
 

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Widespread penetration of IoT technology for management of infrastructure, followed by rise in demand for city monitoring in smart cities are accelerating the market development.
 

For the record, Statista reported that the global technology expenditure for the smart city initiative was USD 81 billion in 2018 and is projected to reach USD 189.5 billion by the year 2023.  Hence, inflowing investments for smart city development is expanding the business horizon. Parallelly, rising technological advancements and strategic alliances made by market majors will also promote global smart city platform market expansion in the ensuing years.
 

For the unversed, smart city platforms are set up at enterprise level and help in boosting interoperability between different verticals. They perform functions such as analytics, remote asset monitoring, performance management, decision support and/or presentation components. Such platforms have applications across several sectors such as smart energy and utilities, smart transportation, infrastructure management, public safety, and citizen engagement.
 

Despite the positive outlook of the industry, the intricate nature of prescribed infrastructure combined with high cost structure of smart city platforms are anticipated to hold back business progression during the forecast period.
 

Based on geographical terrain, the key regions analyzed in the study are North America, Asia Pacific, Europe, and Latin America. Among these, North America accounted for a significant market share in the recent past owing to increased prevalence of smart technology coupled with a rising regional demand for high speed networks. Meanwhile, Asia Pacific is expected to exhibit remarkable growth during the forecast period 2020-2027.
 

Key contenders in global smart city platform market sphere are Cisco Systems, Inc., Siemens AG, Microsoft Corporation, International Business Machines (IBM) Corporation, NEC Corporation, Schneider Electric SE, Amazon Web Services (AWS), Inc., Hitachi, Ltd., Intel Corporation, and Huawei Technologies Co., Ltd.