New York, USA, May 29, 2023 (GLOBE NEWSWIRE) --
According to the research report published by Market Research Future (MRFR), Smart Infrastructure Market Information by Component, Application, and Region - Forecast till 2030", The market for smart infrastructure will garner a CAGR of 7.16% from 2023 to 2030 while increasing from USD 586.63636 Billion in 2023 to USD 1035.21 Billion in 2030.
Market Scope:
A smart community that incorporates digital technology, such as the use of information and communication technology (ICT), for offering ideals of self-monitoring and precision in decision-making for enhancing sustainability, is established with the aid of smart infrastructure. The smart community supports smart infrastructure, including energy and water networks, mobility and transit, data centres, buildings, and streets, among others. This system makes use of connected sensors, lights, and metres that are part of the Internet of Things (IoT), which collect and process data. Further applications of this data include enhancing public utilities, infrastructure, and services.
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Market Competitive Landscape:
The important companies active in the smart infrastructure industry are
- ABB
- Honeywell International
- Huawei Technologies Co. Ltd.
- Siemens AG
- Cisco Systems Inc.
- General Electric
- IBM Corporation
- Schneider Electric SE
- Johnson Controls
- Eaton Corporation Plc
- Hitachi Ltd.
Scope of the Report - Smart Infrastructure Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 1035.21 Billion |
| CAGR during 2023-2030 | 7.16% |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Based on Hardware, Based on Software, Based on Services |
Market Drivers:
The smart infrastructure model is used by many companies in big cities to enhance and improve the quality of sustainable living, mobility, healthcare, energy, and other areas. The telecommunications infrastructure contributes to the creation of advanced infrastructure, and this model incorporates a number of technologies, including the Internet of Things (IoT), Wireless Sensor Networks (WSNs), and Cloud Computing, which have a crucial role in the development of effective networks and communication. However, cities make sure that the communication platforms and infrastructure are established and accessible openly and effectively. Access to this infrastructure and data communication is the key component of smart city infrastructure.
Urbanization is increasing, which has led to higher resource consumption and a host of problems for smart cities in terms of finding sustainable solutions and reducing environmental hazards. The focus on green energy and reducing carbon emissions is intensifying as a result of growing worries about global warming and carbon emissions.
For instance, Israel's energy ministry announced a plan on 19 April 2021 to reduce the effects of greenhouse gas emissions by 80%. As part of this strategy, coal-fired power facilities will be shut down, power grid technology will be upgraded, and renewable energy sources will generate more electricity. Additionally, the U.S. Environmental Protection Agency (EPA) is developing clean energy strategies and promoting the use of smart grids, distribution networks, and other technologies that significantly reduce carbon emissions.
Market Restraints:
Funding for smart infrastructure initiatives must come from both public and commercial sources. These cutting-edge infrastructure models communicate or optimize resources through ICT services. Big data is crucial in creating and constructing a smart infrastructure because of the ongoing interaction. However, this extensive data exchange and system integration have raised concerns about cybersecurity, privacy, and security risks in smart infrastructure projects. Additionally, many cities are experimenting with integrating issues with privacy and cyber threats due to a lack of policies and common standards.
To put things in perspective, the smart infrastructure projects consist of three levels where a lot of data is being exchanged, and smart government may use this to gain new knowledge. The security policies, processes, and other hidden security vulnerabilities throughout the ecosystem of smart cities have presented a substantial issue, raising the possibility of threat activities disrupting the system and ground operations. For instance, in 2020, the Australian transportation business Toll Group came under attack from hackers who used a vast amount of data, including financial statements, invoices, and ransomware to lock the system.
Browse In-depth Market Research Report on Smart Infrastructure Market: https://www.marketresearchfuture.com/reports/smart-infrastructure-market-11664
COVID 19 Analysis:
The unexpected spread of the COVID-19 virus infection has had a severe impact on a wide range of industries, causing a global health disaster. In early March 2020, when the pandemic has not even spread globally, the COVID-19 impact has resulted in a global lockdown, which has altered and disrupted global industrial networks and cost the global value chain close to USD 50 billion. Additionally, the abrupt decline in global trade has had significant effects on economies and societies, leading to a decline in job opportunities, income, and price fluctuations.
There are three ways that the pandemic has impacted the global value chain. First of all, the massive distribution of transportation system became cut off from the logistical access of the supply chain, where the global value chain accounted for more than 60% of global commerce and impacted all future industrial operations. In addition, as border controls and social segregation policies have been imposed by many nations, movement of products and services has been drastically decreased, seriously disrupting the supply chain.
Disruptions to the production's supply side are the second channel that had an impact on the world's value. In addition, supply-side output was restricted by the closure of workplaces and transportation facilities.
The abrupt decline in demand and cancellation of orders beginning in March 2020, when the virus began to spread internationally, was the third channel through which the global value chain was disrupted.
Market Segmentation:
- By Component - The worldwide market can be divided into hardware, software, as well as services, with respect to components. Because smart sensors and monitoring devices are being quickly adopted in a variety of applications, including smart street lighting and smart transportation, the hardware sector, which held the largest market share in 2020, is anticipated to maintain its dominance during the forecast period.
- By Application - The global market has been segregated into transportation, healthcare, information technology and telecommunications, smart grids, buildings, and other applications. The transport sector accounted for the greatest market share in 2020 and is anticipated to hold onto that position throughout the forecast period as a result of rising government investments in the creation of smart transport infrastructure.
Regional Insights:
The Asia Pacific will hold the top position in the market, on account of the vast availability of IoT sensors and IT infrastructure. These factors have allowed the Asia Pacific to experience constant acceleration in smart cities compared to any other region in recent years. By providing models of rising Asian cities, especially those with rapidly aging populations, developed nations like Singapore, Hong Kong, Japan, Thailand, Australia, and others are testing a variety of smart city concepts. Thailand, for instance, has established The Eastern Economic Corridor (EEC) to transform three Thai provinces into smart cities. By 2024, the nation hopes to have 100 smart cities.
Likewise, North America will fare very well because of how quickly the continent is industrializing and urbanizing. Additionally, as more people adopt new technologies and solutions to meet the rising demand for housing, transportation, and employment, there are more opportunities to build smarter infrastructure and provide flexible solutions. As an illustration, Intel and the City of San Jose are working together to implement Intel's IoT smart city demonstration platform as part of the City's green vision project by fostering environmental sustainability and improving the quality of life. Additionally, the Array of Things (AoT) project was launched in Chicago with the goal of enhancing daily life by gathering real-time data.
Related Reports:
- Smart Home Market- The Smart Home Market is predicted to reach USD 254.78 Billion by 2030, registering a 12.3%CAGR during the forecast period, 2020–2030.Smart Building Market- The Smart Building Market is set to grow at a CAGR of 19.7%, estimated to reach USD 371.67 Billion by 2030
- Public Safety Solution for Smart City Market- industry is projected to grow USD 923.58 Billion.by 2030, exhibiting a CAGR of 14.76% during the forecast period (2020 - 2030).
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