The city data platform makes it possible for relevant local authorities and governments to develop smart cities, which is a key factor driving the city data platform market. The city data platform collects data from various sources, which is helpful in case of rolling out new systems related to transportation, crime prevention, and water distribution. This is also expected to be a major factor fueling the growth of the City Data Platform Market over the forecast period. Moreover, the city data platform gathers information from a network of cameras & sensors, and helps in better traffic management. Thus, smart traffic management is another feature expected to boost the demand for city data platforms during the forecast period.
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The city data platform concept is based on the Internet-of-things technologies and wireless connection infrastructure with the help of beacons, sensors, and other devices. This concept of city data platforms has resulted in the production of a substantial amount of data through these devices and helps cities manage their assets better.
The idea of developing a city data platform can be traced back to various research papers and movements regarding the building of a smart city, which were published in the late 20th century. In the modern days, life problems associated with urbanization, which are defined by data on city data platforms, help improve decision-making capabilities as well as provide deeper insights that help innovation communities/councils deal with urban challenges. City data platforms not only provide quality data, but also make that data valuable by making it understandable and accessible. City data platforms integrate a large amount of data, which includes data from various industries such as transport, energy, crowd sourced data, etc., and provide a holistic view of information that is aimed at improving and developing innovative smart city services. City data platforms are able to process real-time data as well as historical data. In city data platforms, the data is collected from different data sources, following which it is saved and processed. It is then supported through external data analytics and applications that use the interfaces of a city data platform.
However, the quality of the data collected by city data platforms is not always up to the mark, as the sources of such data are sometime inaccurate and nonstandardized. Thus, poor quality of data is a major factor restraining the growth of the city data platform market.
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Moreover, the data is collected from different organizations and all organizations use different data structures, which makes it difficult for city data platforms to integrate the data. Hence, the integration of data is another challenge restricting the growth of the city data platform market.
Global City Data Platform Market: Competition Landscape
Key Vendors
Examples of some of the market participants in the global city data platform market identified across the value chain include Inspur Technologies; Lumani PTE. LTD.; Nexpa Systems Co, Ltd.; PAQS; Skylab; Urban Institute; Bosch Limited; Bright Innovations; Denali Management Services; Fusionex; and Actility S.A.
Global City Data Platform Market: Regional Outlook
The city data platform market can be segmented into North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and the Middle East & Africa.
North America is expected to hold the largest market share of the city data platform market due to the high adoption of advanced technological products and rules & regulations implemented by governments in this region. The demand for city data platforms is expected to grow significantly in the Europe and APEJ regions owing to the increasing number of smart cities in these regions.
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