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Smart Infrastructure Market worth $2,109.5 billion by 2029- Exclusive Report by MarketsandMarkets(TM)
Thursday, July 4, 2024
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(TM). 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.
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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.
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SOURCE MarketsandMarkets
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