The Smart Infrastructure Market is expected to grow to $2,109.5 billion by 2029.
From GlobeNewswire: 2024-07-08 10:00:00
The Smart Infrastructure Market is expected to grow from USD 923.0 billion in 2024 to USD 2,109.5 billion by 2029, showing a CAGR of 18.0%. With increasing urbanization, there is a rising demand for infrastructure that efficiently supports larger populations. Smart infrastructure solutions aid cities in managing resources and services more effectively.
The market dynamics of the Smart Infrastructure Market indicate drivers such as the proliferation of IoT, AI, smart infrastructure, and connected devices, along with growing urbanization. However, challenges like high implementation costs and lack of standardized frameworks exist. Opportunities arise from emerging smart city initiatives and increasing public and private investments.
Leading companies in the Smart Infrastructure Market include Siemens, Cisco, Honeywell, Hitachi, IBM, Schneider Electric, Microsoft, Huawei, ABB, and Johnson Controls. Concerns about climate change and environmental degradation are leading to the adoption of sustainable smart infrastructure solutions, including renewable energy integration, smart grids, and water management systems.
Software is projected to witness the highest growth in the smart infrastructure market due to its role in optimizing efficiency, improving functionality, and ensuring sustainability in urban environments. On the other hand, hardware components like sensors, IoT devices, surveillance cameras, communication devices, and control systems form the backbone of efficient and connected urban infrastructure.
Major players in the Smart Infrastructure Market include Siemens, Cisco, Honeywell, Hitachi, IBM, Schneider Electric, and more. These companies have a strong global presence, diverse product offerings, and focus on innovation through R&D, collaborations, and product launches. The market offers opportunities for companies to expand their reach through innovative solutions and strategic partnerships.
Read more at GlobeNewswire: The Smart Infrastructure Market: A $2,109.5 billion