The global market for smart city platforms is projected to have considerable CAGR of around 17.5% during the forecast period. Cities already consume a majority of energy and other resources and this consumption is gradually rising. All these factors are forcing countries across the globe to look forward to smart cities as a possible solution. For instance, in 2019, Infrastructure Canada provided $50 million in funds to Montreal for encouraging smart city plan. In addition, in 2011, the government had launched Smart Energy Roadmap 2050 project in Europe that focuses on the interaction between electricity, gas and district heating/cooling, parts of the transport system as well as the consuming and producing units. Under this project, recommendations for priorities in the Smart Energy R&D effort in the short and long term are made in order to support a cost-effective, sustainable and secure transition of the energy system. The deployment of smart gas meter in different countries of Europe is subjected to the regulatory framework of the individual country which the country must follow that further encourages the demand pf smart city platforms in the region.
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The various government across the globe are taking various initiative related to the smart city platforms that further contribute in the growth of the market during the forecast period. For instance, the US government is taking immense steps to install every household and industry with smart meters according to the US Energy Information Administration. The Government of UK is committed to ensuring that every home and small business in the country is offered a smart meter by the end of 2020. To ensure this, the Government had launched Smart Metering Programme in December 2011 that aims to roll-out over 50 million smart gas and electricity meters to all domestic and industrial sites in Great Britain impacting around 30 million premises in the country.
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Additionally, in 2008, UK Government mandated that 53 million smart electric and gas meters be deployed in homes and businesses by 2020. According to the Government of UK, as of March 2019, large energy suppliers had installed 15.3 million smart meters across domestic sites in Great Britain out of which 6.6 million have been gas smart meters and 8.7 million have been electricity smart meters. As of March 2019, there were a total of 21.3 million gas meters and 25.7 million electricity meters operated by large energy suppliers in domestic sites across Great Britain. Therefore significant installation of smart metering infrastructure further provides significant opportunity to the market during the forecast period.
Global Smart City Platforms Market Segmentation
By Platform
- Connectivity Management Platform
- Data Management Platform
- Device Management Platform
- Integration Platform
- Security Platform
By Application
- Smart Utilities
- Smart Mobility
- Smart Security
- Smart Governance
- Infrastructure Management
- Others (Smart Healthcare)
