The Asia Pacific Smart City Platforms Market would witness market growth of 16.8% CAGR during the forecast period (2021-2027).
The smart city projects need the deployment of various technologies and intelligent sensors, the application areas may differ according to the projects and from community to community or city to city. The market would be driven by the requirement for enhancing resilient cities, creating a sharing economy, and preserving energy. Additionally, the market players would put a high amount of investments in research and development (R&D) activities to develop the latest technologies and systems for connected infrastructure which can be utilized across smart cities projects.
Intermediary technologies are leading to the increased traction of the smart cities concept. In addition, the growth of the market would be propelled by the increased awareness about trend of smart everything.
APAC would showcase the fastest growth rate in the overall smart city platforms market during the forecasting period. Factor such as a higher focus on the development of digital infrastructure is responsible for the growth of the regional market. In addition, the major growth catalysts for the regional market include fast-paced urbanization and growing disposable income.
The aim of the government is to create smart cities across the country, creating a sustainable and convenient environment for the citizens. Initially, the program includes 100 cities with a deadline to complete by the end of 2023. In addition, China is putting heavy investment to bring the digital transformation to its cities. The country is constantly leveraging its industries and resources to accelerate the objective of creating smart cities.
The China market dominated the Asia Pacific Smart City Platforms Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $18.46 billion by 2027. The Japan market is estimated to witness a CAGR of 16.2% during (2021 - 2027). Additionally, The India market would experience a CAGR of 17.6% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart City Platforms Market is Projected 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.
By Offering
By Delivery Model
By Country
Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
Unique Offerings 