CHICAGO, June 26,
2024 /PRNewswire/ -- The Smart Infrastructure
Market is projected to grow from USD
923.0 billion in 2024 to USD 2,109.5
billion by 2029 at a CAGR of 18.0% during the forecast
period, according to a new report by MarketsandMarkets™.
Governments around the world are implementing policies and
regulations to promote the development and adoption of smart
infrastructure. This includes initiatives to improve transportation
systems, enhance energy efficiency, and create smarter, more
resilient cities.
Browse in-depth TOC on "Smart Infrastructure Market"
326 – Tables
49 - Figures
281 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD)
Billion
|
Segments
Covered
|
Offering (hardware,
software, services (professional services (consulting &
implementation, support & maintenance, training &
education), managed services)), Focus Area (smart transportation,
smart buildings, smart utilities, smart healthcare, smart
hospitality, smart agriculture, smart manufacturing, smart
government, other focus areas), End Users (commercial, residential,
industrial, government & defense)
|
Region
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Companies
covered
|
Siemens (Germany),
Cisco, (US), Honeywell (US), Hitachi (Japan), IBM (US), Schneider
Electric (France), Microsoft (US), Huawei (China), ABB
(Switzerland), Johnson Controls (Ireland), Intel (US), Oracle (US),
TCS (India), Fujitsu (Japan), Itron (US), Accenture (Ireland),
Sense (US), AppyWay (UK), Telensa (UK), Gaia (India), Panamax
Infotech (India), Envelio (Germany), XENIUS (India), Anavision
(Hong Kong), Enevo (US), Cubic Telecom (Ireland)
|
Based on services, the professional services segment holds
the largest market size during the forecast period
The Smart Infrastructure Market by professional services is
segmented into consulting & implementation, support &
maintenance, and training & education. Consulting &
implementation services serve as the architects, meticulously
crafting strategic plans, designing technical frameworks, and
managing projects to fruition. Their expertise ensures seamless
integration of cutting-edge technologies while navigating
regulatory landscapes. On the operational front, support &
maintenance services stand as guardians, providing round-the-clock
technical assistance, proactive monitoring, and system upgrades to
sustain peak performance. Their diligent efforts uphold
reliability, minimize downtime, and optimize resource utilization.
Meanwhile, training & education services act as enablers,
empowering users and technical personnel alike with the knowledge
and skills essential for harnessing the full potential of smart
infrastructure solutions. Through user training, technical
workshops, and certification programs, they foster a skilled
workforce capable of navigating the complexities of modern
infrastructure technologies.
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Based on services, the managed services segment is expected
to grow with the highest CAGR during the forecast period
Managed services serve as the backbone, offering a comprehensive
suite of solutions tailored to the complex needs of modern
businesses and organizations. Through continuous monitoring and
proactive management, these services ensure the seamless operation
of critical infrastructure components, including sensors, networks,
and applications. By harnessing the power of data analytics and
predictive maintenance algorithms, managed service providers enable
organizations to anticipate and address potential issues before
they disrupt operations, minimizing downtime and optimizing asset
performance. Moreover, managed services play a pivotal role in
enhancing the security posture of smart infrastructure, offering
round-the-clock monitoring, threat detection, and incident response
capabilities to safeguard against cyber threats and ensure
regulatory compliance. With the flexibility to scale resources on
demand and the promise of cost savings through outsourcing, managed
services empower organizations to focus on their core competencies
while driving innovation and efficiency in the ever-evolving
landscape of smart infrastructure.
North America to hold the
largest market size during the forecast period
The Smart Infrastructure Market in North America has been experiencing
significant growth and development driven by urbanization,
population increases, and a pressing need for sustainable resource
management. Key factors fueling this expansion include government
initiatives at federal, state, and local levels that promote and
fund smart infrastructure projects. For instance, the US Department
of Energy has committed substantial resources to enhance the
national energy grid with smart technologies. Technological
advancements in IoT, AI, and data analytics, where North America is a global leader, are integral
to the development and efficiency of smart infrastructure
solutions. Furthermore, the region's commitment to sustainability
and reducing carbon emissions accelerates the adoption of smart
grids, intelligent transportation systems, and smart buildings.
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Top Key Companies in Smart Infrastructure Market:
The Smart Infrastructure Market comprises major providers, such
as Siemens (Germany), Cisco, (US),
Honeywell (US), Hitachi (Japan),
IBM (US), Schneider Electric (France), Microsoft (US), Huawei (China), ABB (Switzerland), Johnson Controls (Ireland), Intel (US), Oracle (US), TCS
(India), Fujitsu (Japan), Itron (US), Accenture (Ireland), Sense (US), AppyWay (UK), Telensa
(UK), Gaia (India), Panamax
Infotech (India), Envelio
(Germany), XENIUS (India), Anavision (Hong Kong), Enevo (US), Cubic Telecom
(Ireland). These competitors have
used various growth methods to increase their market share in the
smart infrastructure industry, including partnerships, agreements,
collaborations, new product releases, product enhancements, and
acquisitions.
Browse Adjacent Markets: Smart Infrastructure Market
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