The Smart City Platforms Market is expected to grow at a CAGR of 10% between 2022 and 2032, with revenues estimated at US$ 156.1 billion in 2021, according to a recent Future Market Insights report. By the end of 2032, the market is expected to be worth US$ 446.7 billion.
Across industries, enterprise resource planning is critical for streamlining processes and improving corporate operations. The Internet of Things (IoT) and large data influxes are already wreaking havoc on the ERP environment, presenting new opportunities for continuous improvement and process automation. Today’s ERP environment is extremely complicated due to the dizzying pace of technology.
A small-scale ERP deployment typically takes three months to complete, but a larger-scale project can take up to two years. Meanwhile, significant technological advances may occur concurrently with the two-year deployment. The introduction of lower-cost cloud computing and SAAS services has complicated the marketing of ERP software.
Integration and deployment of smart city platform solutions with ERP solutions is a challenging task that must be accomplished in stages. The outdated ERP solutions are insufficient for self-sufficiency and meeting customer demands. Furthermore, businesses are hesitant to adopt IWMS or CAFM technology.
Traditional enterprise resource planning (ERP) technology is preferred by larger businesses. Furthermore, smart city platform solutions should not be used as stand-alone solutions in the facility’s digital architecture. It is frequently necessary to integrate smart city platforms with ERP systems. Furthermore, integrating smart city platform solutions and services with ERP systems is a challenging process that must be completed in stages.
The Market Study’s Key Findings
- By 2022, the Global Smart City Platform Market is expected to be worth US$ 446.7 billion.
- The Platform segment is expected to have the highest CAGR of 9.3% during the forecast period in terms of Offering.
- The Hybrid segment is expected to account for the highest CAGR of 8.7% during the forecast period in terms of the Delivery Model.
- The United States is expected to remain the dominant market, with an absolute dollar growth opportunity of $84.9 billion between 2022 and 2032.
- During the forecast period of 2022-2032, the market in the United States is expected to grow at the fastest rate of 9.3%.
“the surge in venture capital investments by major corporations will benefit the Smart City Platform industry trends in the coming years.”According to a Future Market Insights analyst,
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Future Market Insights presents an unbiased analysis of the Smart City Platform Market in its new offering, presenting historical market data (2015-2021) and forecast statistics for the period 2022-2032.
The research shows a significant growth in the Smart City Platform Market in terms of Offering (Platforms, Services), Delivery Mode (Offshore, Hybrid, Onshore), Application (Smart Transportation, Public Safety, Smart Energy & Utility, Infrastructure Management, Citizen Engagement), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa (MEA)).
