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Analysis on Future Market Growth Rate of Global Smart City Platform Market

The smart city platform includes connection management platform, integration platform, equipment management platform, security platform and data management platform. According to the market and Markets Market Research Institute, the market scale is expected to increase from US $104.6 billion in 2018 to US $222.3 billion in 2023, with an annual compound growth rate of 16.4%.

Due to the increasing implementation of integrated Internet of things solutions in smart cities, the adoption rate of smart city solutions will further increase, providing more opportunities for platforms and service providers.

In terms of platform types, the connection management platform will grow at the highest compound annual growth rate in the forecast period. The connection management platform enables enterprises to deploy end-to-end connection solutions for seamless integration. The platform can reduce additional costs and operational overhead, while providing intelligent Internet. It is estimated that the connection management platform will have the highest market share in 2018 and will show strong growth characteristics in the next few years. This dominant position is characterized by sustained smart city development, especially in developing regions.

In terms of service types, the consulting and architectural design departments are expected to grow rapidly in the forecast period. Reasonable planning and consulting services and architectural design are very important for the development of smart city infrastructure, because these can provide cost optimized facilities for the city. The technological innovation of smart city space has led to the continuous development of consulting and architectural design services.

In terms of region, North America is expected to account for the largest market size in the forecast period, which is mainly driven by the growth in demand for smart city solutions, such as networked vehicles, building energy optimization and distribution management systems. In addition, the United States is one of the major countries that have taken the smart city initiative and made significant progress in smart city space. At present, the deployment of smart city solutions in different fields such as intelligent transportation, intelligent buildings, intelligent utilities and intelligent citizen services has risen in the Asia Pacific region.

From the perspective of platform service providers, major and emerging market participants include Cisco (USA), IBM (USA), Microsoft (USA), Hitachi (Japan), Siemens (Germany), Schneider Electric (France), Huawei (China), Intel (USA), General Electric (USA), at & T (USA), Oracle (USA), Ericsson (Sweden) and Nokia (Finland), Itron (USA), Verizon (USA), Honeywell (USA), sap (Germany).

Analysis on Future Market Growth Rate of Global Smart City Platform Market 1

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